Spot Gold Forecast for 02/07 by Daytradeideas.com

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Spot Gold has been directionless, holding last Thursday’s range of 1684.05 down to 1658.01. Yesterday we held Tuesday’s range and above support from the 9 day moving average 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.We have managed a push through 1677.00/75 to target 1682.18-1683.10 now. Above here we can test the high for the past week at 1684.10/85.

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Long term levels1754.46     Nov High1723.45     Dec High1709.09     100 Day Moving Average1696.20     Jan High1672.69     Nov Low1650.60     100 Week Moving Average1635.75     Dec Low

1626.68    Jan Low

The article was first published by DayTradeIdeas.com

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