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Technical Forecast for Spot Gold

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Spot Gold beat resistance at 1391/1401 but failed just below the next target of 1428/34. We did expect a high for the bounce here with the longer term picture still looking negative. If this area
is tested today we can try shorts with stops on shorts needed above 1450 for 1469/70, possibly a
move as far as 1503 this week.
 
Below 1390/85 keeps the pressure on prices for a test of support at 1357/52 then 1539/36 but
below here another test of 1322 lows is likely. A break cannot be ruled out & could then target
the 2011 low at 1308. Being a yearly low this is good support & we could see an end to the 6
month sell off here. However if we continue lower look for 1284/70. This should be a very good
buying opportunity with a strong chance of a longer term bounce.

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

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