Spot Gold Forecast for 02/13 by Daytradeideas.com

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By Jason Sen | February 14, 2013 12:58 AM EST

DayTradeIdeas.com

Spot Gold dipped below 1643/42 but only to 1639 before recovering. If we can now hold above 1649 we should push on to 1656/57 resistance. We could top out here so worth taking profit on longs & if trying shorts we need a stop above 1659 as this could open the door to a test of 1666
resistance.

Failure to hold above 1649 should see us retest 1641/39 lows. This is good support & we may bounce from here again today but a break signals a move to 1635, possibly a test of December lows at 1627/26.

Long term levels

1754.46      Nov High

1723.45      Dec High

1709.09      100 Day Moving Average

1696.20      Jan High

1684.87      Last Week’s High

1672.69      Nov Low

1662.01      Last Week’s Low

1650.60      100 Week Moving Average

1635.75      Dec Low

The article was first published by DayTradeIdeas.com

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The article was first published by DayTradeIdeas.com

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