Spot Gold Forecast for 03/05 by Daytradeideas.com

 
on March 05 2013 8:57 AM

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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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 Low1620          Last Week’s High1611         23.6% Fibonacci1565         Last Week’s Low

 

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