Market Overview

Technical Forecast for Spot Gold

 

Spot Gold dipped below 1643/42 but only to 1639 before recovering. If we can now hold above 1649 we should push on to 1656/57 resistance. We could top out here so worth taking profit on longs & if trying shorts we need a stop above 1659 as this could open the door to a test of 1666 resistance.  
 
Failure to hold above 1649 should see us retest 1641/39 lows. This is good support & we may bounce from here again today but a break signals a move to 1635, possibly a test of December lows at 1627/26.  

Posted-In: Technicals Commodities Markets Trading Ideas

 

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