Spot Gold Forecast for 03/05 by Daytradeideas.com

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Spot Gold broke 1584 & fell all the way back to 1565. Support 1569/67 held yesterday as expected and could hold any weakness again today. However a break below 1565 could signal a retest of February lows at 1555.

It does look like we can hold above 1579/80 for 1587/88 resistance. This could hold the top of the market today but if we start to push higher look for 1595 with 1605/09 the target above.

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[[nid:1111788]]

 

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

1620          Last Week’s High

1611         23.6% Fibonacci

1565         Last Week’s Low

 

The article was first published by DayTradeIdeas.com

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