Technical Forecast for Spot Gold
Spot Gold continued lower to target Fibonacci support at 1307. Here we exited shorts & tried longs with stops below 1300. This trade worked perfectly as we bottomed at 1305 & shot higher to 1327. Friday’s price action was quite positive as we look for a test of resistance at 1335/37. A high for the day is possible & we can take profit here but be ready to buy back in on a break higher for a move towards resistance at 1353/54. Exit longs & try shorts with stops above 1360.
Immediate support is 1320/19 but below here risks a retest of 1307/05 for a buying opportunity. We are starting to look oversold on the daily chart so could start a recovery this week. However longs need stops below 1300. Be aware that a break lower should target 1287 & then 1282/81.
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