Spot Gold broke 200 day moving average support at 1665 & the 100 week moving average at 1652 to reach 1643/42. A bounce today should find 1649 but above here we meet resistance at 1652.50/1653.00. Watch for a top here but if do push higher we should test 1656, may be 1658.50/1659.50. This is expected to offer a good selling opportunity.

Failure to get through 1649 should see us retest 1643/42 lows. This is good support & we may bounce from here again today but a break signals a move to 1635, possibly December lows at 1627/26.



Long term levels

1754.46     Nov High

1723.45     Dec High

1709.09     100 Day Moving Average

1696.20     Jan High

1684.87     Last Week’s High

1672.69     Nov Low

1662.01     Last Week’s Low

1650.60    100 Week Moving Average

1635.75    Dec Low


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