Gold broke 1307/06 but bounced just above 1300. We have continued higher as expected finally reaching our target of 1316/17. Getting a little overbought
Spot Gold Daily Forecast - 10 April 2014Gold broke 1307/06 but bounced just above 1300. We have continued higher as expected finally reaching our target of 1316/17. Getting a little overbought short term but the outlook remains positive so we could test strong resistance at 1320/21 today. A good chance of a high for the day here & worth exiting longs. We could even try small shorts with the risk of a high for the week. However shorts need stops above 1326 for a move towards 1334/35.
Immediate support is 1308 today & could hold the downside. However if we continue lower look for a buying opportunity in the 1304/02 area. A low for the day is expected but longs need stops below the 200 day moving average at 1298.
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