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Technical Forecast for Spot Gold

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Technical Forecast for Spot Gold
Spot Gold tested & held support at 1273/71 for a bounce as predicted as we held above the stop level of 1267. We managed a recovery towards resistance at 1299/1302, topping so far at 1295. This area could hold the topside today but use stops on shorts above 1308 as a break higher could allow a move towards 1325/30 for an excellent selling opportunity.
 
Support at 1271/68 should hold the downside again today. However any longs need stops below 1266 for continue losses to 1260 & may be as far as 1255/54.

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Posted-In: Technicals Commodities Markets Trading Ideas

 

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