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 levels1754.46 Nov High1723.45 Dec High1709.09 100 Day Moving Average1696.20 Jan High1655 100 Week Moving Average1635.75 Dec Low1626.68 Jan Low1619 Last Week’s High1611 23.6% Fibonacci1555 Last Week’s Low
The article was first published by DayTradeIdeas.com
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