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.
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 Low1586 Last Week’s High1561 Last Week’s Low1555 Feb Low
The article was first published by DayTradeIdeas.com
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