Technical Forecast for Spot Gold

Spot Gold hit the 100 day moving average at 1375 & struggled as expected being overbought, topping at 1379.60. However at this stage it’s unwise to look for a sell off so be ready for a break higher & a move towards 1390/92. This could hold the topside for today at least but any further gains perhaps later in the week could target 1415/18 for a selling opportunity.

 

Any weakness finds some support at 1370 but below here look for a buying opportunity at 1357/55. A low for the day is likely but with the recent volatility we need wide stops below 1347 for the next support at 1338/33. Exit shorts & try longs expecting a good bounce from here but with stops below 1325.