Spot Gold Forecast for 03/26 by Daytradeideas.com

 
on March 26 2013 7:47 AM

Spot Gold could start to come under pressure again now. We have resistance at 1603 and failure to push above here risks a slide back to 1595. If we break below this support we look for 1590/1588 with a good chance of a bounce from here today. However any longs will need a stop loss below 1587 for a test of the next support at 1582/83. A push back above 1604 however could allow gains as far as 1609 where we could attempt shorts with a stop above 1612.

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Long term levels

1754.46     Nov High

1723.45     Dec High

1696.20     Jan High

1659          100 Week Moving Average

1635.75     Dec Low

1626.68     Jan Low

1616/17    Last Week’s High

1591         Last Week’s Low

1555         Feb Low

    

The article was first published by DayTradeIdeas.com

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