Technical Forecast for Spot Gold
Spot Gold hit our buying opportunity at 1357/55 & a low for the day expected & held above 1352 to ensure stops were not activated. However 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. 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 but any longs need stops below 1338 for a move towards the next support at 1329/28. Look for a bounce from here but longs need stops below 1324.
Immediate resistance at 1374/77 & we should struggle here but if we continue higher, this week’s high at 1384 offers a selling opportunity with stops above 1386. A break higher could target 1395.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.