Technical Forecast for Spot Gold

Spot Gold hit our buying opportunity at 1374/72 over night & bottomed exactly here. This trade worked perfectly as we shot higher to 1398. We then dipped back to 1385/84 & this support at held nicely as predicted. A low for the day is likely here again today but if we continue lower look for a buying opportunity once again at 1374/72, with stops below 1367.

 

Immediate resistance at 1395/96 should be a struggle & should be worth exiting longs. However if we continue higher look for 1403/04. We can try shorts up to resistance at 1414/16, where we expect a high for the day if we reach this far. Use stops above 1419.