Technical Forecast for Spot Gold

Spot Gold fell to our buying opportunity at 1357/55 & a low for the day expected & held above 1352 to ensure stops were not activated. This trade worked perfectly as we hit the 1374/75 level but the outlook is turning negative. Don’t forget we are in a 9 month down trend & being overbought with Monday’s reversal day we should turn lower now. Look for a test of support at 1358/55 but be ready to go with a break below 1352 this time for 1342/41. A low for the day is

possible here & worth covering any shorts. Any longs need stops below 1338for a move towards the next support at 1329/28. Look for a bounce from here but longs need stops below 1324.

 

Immediate resistance at 1377 before this week’s high at 1384 which should offer a selling opportunity with stops above 1386. A break higher could target 1395.