Spot Gold Forecast for 03/07 by Daytradeideas.com

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Spot Gold held support at 1569/67 & held 1587/88 resistance as predicted. The same levels apply for today. Below 1579 we could now test support at 1569/67 again today & a break below 1565 could signal a retest of February lows at 1555.

We will need to hold above 1579/80 for another test of 1587/88 resistance. This could hold the top of the market again today but if we start to push higher look for 1595 with 1605/09 the target above.

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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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