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