Spot Gold Forecast for 02/28 by Daytradeideas.com

on February 28 2013 9:51 AM
Spot Gold
Spot Gold daytradeideas.com

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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