Spot Gold Forecast for 03/13 by Daytradeideas.com

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Spot Gold broke 1586/87 resistance to hit the next target at 1595. We topped out just above at 1598 but above here today we are looking for the 1605 target & may even see 1609/11 this week but unlikely we can go any higher at this stage.

1587/86 is now good support today & we could bounce from here. However on a break lower we could drift back to 1579. Failure here could then lead to a test of support at 1569/67 & a break below last week’s low of 1561 could signal a retest of February lows at 1555.

[[nid:1122909]]

[[nid:1122911]]

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

1586          Last Week’s High

1561          Last Week’s Low

1555          Feb Low

 

The article was first published by DayTradeIdeas.com

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