Market Overview

Technical Forecast for Spot Gold

Technical Forecast for Spot Gold


Spot Gold hit our buying opportunity at 1374/72 over night & bottomed exactly here. This trade worked perfectly as we shot higher to 1398. We then dipped back to 1385/84 & this support at held nicely as predicted. A low for the day is likely here again today but if we continue lower look for a buying opportunity once again at 1374/72, with stops below 1367.


Immediate resistance at 1395/96 should be a struggle & should be worth exiting longs. However if we continue higher look for 1403/04. We can try shorts up to resistance at 1414/16, where we expect a high for the day if we reach this far. Use stops above 1419.

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

Posted-In: Commodities Markets Trading Ideas


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