Spot Gold Forecast for 02/14 by Daytradeideas.com

Spot Gold fell just short of 1656/57 resistance where we expected a top. We have now retested the 1641/39 support & bounced as hoped, so we have a small bottoming pattern which should push us higher in to the end of the week. First target is 1649/50 then yesterday’s high at 1653.

Above here today we look for a test of 1656/57 resistance & a high for the day. However a break higher tomorrow is possible for 1661. A push above here then targets 1666 resistance & a selling opportunity.

1641/39 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