Spot Gold hit our 1587/88 daily target where we expected to run in to sellers & entered shorts & we collapsed all the way to our lower target of
XAUUSD Spot Gold Daily Forecast - 11 April 2013Spot Gold hit our 1587/88 daily target where we expected to run in to sellers & entered shorts & we collapsed all the way to our lower target of 1559/58 support. We are holding just above here now and a recovery today is possible. We should however meet resistance at 1567/69 and may go no further. A push through 1571 however could allow a move towards 1578/79 resistance to try shorts with a stop above 1582 for 1588/90 once again.
Any longs need a stop below 1553 as this risks continued losses towards 1549 & possibly a retest of this month’s low at 1542/40. Strong support here should attract fresh buyers & we could see a good bounce.
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