Spot Gold Forecast for 02/08 by Daytradeideas.com

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Spot Gold has been directionless for over a week now stuck from 1684.05 down to 1658.01. Yesterday we held resistance at 1682.18-1683.10 and above Monday’s low of 1662. We have 200 day moving average support at 1665 today. Any longs here need a stop below Monday’s low of 1662 for 1660/58.

Resistance at 1673 but above here we could try for 1677.00/75 & a push through here targets 1682.18-1683.10 again with a possible high for the day. Above here however 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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