Spot Gold Forecast for 02/28 by Daytradeideas.com

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Spot Gold has fallen back as predicted to hit the 1588/87 target. We stated that we are unlikely to fall any further for this correction & so far we are holding above this support. We now look for a move back up to 1595 and then 1603/04. A push through 1609 then target the week’s high at 1619/20 then Fibonacci resistance at 1625 is expected to trigger profit taking once again.

If however we break below 1584 we could test the next support at 1580/79. If this does not hold look for 1570/69.

 

 

Long term levels

1754.46     Nov High

1723.45     Dec High

1709.09     100 Day Moving Average

1696.20     Jan High

1655         100 Week Moving Average

1635.75    Dec Low

1626.68   Jan Low

1619        Last Week’s High

1611       23.6% Fibonacci

1555       Last Week’s Low

 

The article was first published by DayTradeIdeas.com

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