Gold first support at 1115/14 but the outlook is increasingly negative so any longs need stops below 1112. A break lower targets 1110/09 then 1105/04 for
Gold Spot Daily Forecast - 17 August 2015Gold first support at 1115/14 but the outlook is increasingly negative so any longs need stops below 1112. A break lower targets 1110/09 then 1105/04 for profit taking on shorts. If we continue lower look for a buying opportunity at 1101/00.
Holding above 1114 allows a recovery to minor resistance at 1119/20. We should struggle here as we did on Friday in fact, so watch for a high for the day. However if we unexpectedly continue higher look for a selling opportunity at 1125/26. Shorts need stops above 1128 however & a break higher then targets strong resistance at 1131/32. Use this as a selling opportunity with stops at 1136. Be ready to buy a break above 1137 however to target 1142/43.
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