Technical Forecast for Spot Gold

Spot Gold hit our first target of 1649/50 & topped out here. We then broke good support at 1641/39 & continued lower through 1635 as we close in on December lows at 1628/26. This is firm support & with the market starting to look over sold there is a strong chance we bottom out here again today. However if we break lower again look for the next support at 1617/16 to be tested.

 

Any move higher today runs in to resistance at 1635.75 & then 1639 above. If we continue higher we should top out at 1641/43 but go with a move through 1645 looking for 1648/50.