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.