Spot Gold could start to come under pressure again now. We held just below resistance at 1603 and as expected we did fall back to 1595 but this held the downside. If we break below this support today, as seems likely we look for 1590/1588 with a chance of a bounce from here. However any longs attempted will need a stop loss below 1587 for a test of the next support at 1582/83. A push back above 1604 looks unlikely but if seen could allow gains as far as 1609 where we could attempt shorts with a stop above 1612.




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

1555          Low Feb Low


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