Technical Forecast for Spot Gold

Spot Gold edged higher but only as far as 1384. We then fell to our buying opportunity at 1357/55 with a low for the day expected. We have bottomed exactly here in fact as we start to look oversold short term but longs need stops below 1352 for a test of the next support at 1342/41. Exit shorts & try longs here expecting a bounce from here but with stops below 1336.

 

If we can hold on to 1355 look for 1362 & possible a bounce as far as 1368/69. If we continue higher we should meet 1374/75 before yesterday’s high at 1384.