Spot Gold Forecast for 03/22 by Daytradeideas.com

 
on March 22 2013 8:01 AM

Spot Gold made it to our 1609/11 target & is pushing on now for 1619/20 resistance. If we can continue higher we run in to 1625 which should cap the rally at this stage. We could exit longs here & try shorts with a stop above 1629.

We have good support in the 1612/09 band but below here risks further losses down to 1603. Below here we have good support again at 1600/1599 which should provide a floor if tested but longs need a stop below 1595.

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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 100

1655          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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