Spot Gold Forecast for 02/06 by Daytradeideas.com

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Spot Gold has been directionless, holding last Thursday’s range of 1684.05 down to 1658.01. We have some support today from the 9 day moving average and yesterday’s low at 1667.25/1666.85 but below here we should test short term Fibonacci and 200 day moving average support at 1666.60. Any longs here need a stop below Monday’s low of 1662 for 1660/58.

The over night high is 1675.10/15 and above here look for 1677.00/75 but a push through here can target 1682.18-1683.10. Above here we can test the high for the past week at 1684.10/85.

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Long term levels

1754.46     Nov High

1723.45     Dec High

1709.09     100 Day Moving Average

1696.20     Jan High

1672.69     Nov Low

1650.60     100 Week Moving Average

1635.75     Dec Low

1626.68     Jan Low

 

The article was first published by DayTradeIdeas.com

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