Spot Gold Forecast for 02/15 by Daytradeideas.com

Spot Gold hit our first target of 1649/50 & topped out here. We then broke good support at 1641/39 & continued lower through 1635 as we close in on December lows at 1628/26. This is firm support & with the market starting to look over sold there is a strong chance we bottom out here again today. However if we break lower again look for the next support at 1617/16 to be tested.

Any move higher today runs in to resistance at 1635.75 & then 1639 above. If we continue higher we should top out at 1641/43 but go with a move through 1645 looking for 1648/50.

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