Technical Forecast for Spot Gold
Spot Gold rocketed through all resistance to gain almost $80 in a day & reach 1365. This happens to be 50% Fibonacci resistance so only a break above trend line resistance at 1372 would allow further gains today with a target of 1379/80. A high for the day is likely here but any shorts need stops above 1385 as a break higher should then target 1391/94. If we continue higher look for a selling opportunity at 1400/1403.
Below 1360 could trigger some profit taking towards support at 1349/46. Look for a low for the day & a bounce from here but be aware there is further good support at 1338/37.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.