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.

Gold Chart Gold Chart  daytradeideas.com

 

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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