Spot Gold Forecast for 03/07 by Daytradeideas.com

  on March 07 2013 8:49 AM

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 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

The article was first published by DayTradeIdeas.com

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