Technical Forecast for Spot Gold

Spot Gold tested resistance at 1335/37 to take profit as expected & saw a high for the day as predicted. Prices then sold off to 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 as stated yesterday. Be aware that a break lower should target 1287 & then 1282/81.

 

So far the longs from 1307/05 are working nicely as we bottomed at 1303/02. Look for a test of resistance at 1318 & above here 1327/28 for some profit taking on longs. However if we continue higher look for a selling opportunity at 1333/35 & a high for the day expected. Exit remaining longs & try shorts with stops above 1343.