Spot Gold Forecast for 02/20 by Daytradeideas.com

  on February 20 2013 8:17 AM

Spot Gold failed to test 1619/21 as we consolidate recent losses above last week’s low at 1598. A break lower today sees 1595 & then 1590 below but there is scope for a test of 1585 this week in this 4 month down trend. This is where it should be worth buying in to longs.Resistance at 1611 but above here we could stretch to 1615, possibly 1619/1621. This should be tough to beat so a top for the day is likely but a push higher targets 1626 with any further strength then likely to target 1633/35 for a selling opportunity this week.

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Long term levels1754.46     Nov High1723.45     Dec High1709.09     100 Day Moving Average1696.20     Jan High1669.69     Last Week’s High1650.60     100 Week Moving Average1635.75     Dec Low1626.68     Jan Low1598.23     Last Week’s Low1584.75     78.6& Fibonacci

 

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