Market Overview

Technical Forecast for Spot Gold

 

Spot Gold broke 200 day moving average support at 1665 & the 100 week moving average at 1652 to reach 1643/42. 
 
A bounce today should find 1649 but above here we meet resistance at 1652.50/1653.00. Watch for a top here but if do push higher we should test 1656, may be 1658.50/1659.50. This is expected to offer a good selling opportunity. 
 
Failure to get through 1649 should see us retest 1643/42 lows. This is good support & we may bounce from here again today but a break signals a move to 1635, possibly December lows at 1627/26. 

Posted-In: Commodities Technicals Markets Trading Ideas

 

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