Spot Gold Forecast for 02/19 by Daytradeideas.com
By Jason Sen | February 20, 2013 12:50 AM EST
Spot Gold has collapsed breaking 1617/16 to hit 1598.23. The bounce may test resistance at 1619/1621. This should be tough to beat so a top for the day here again is possible but a push higher targets 1626 with any further strength then likely to target 1633/35 for an excellent selling opportunity.
If we cannot get through 1619/21 look for a test of support at 1611/10. A move below 1609 then risks a test of last week’s low at 1598. W are getting very oversold so we may find a floor here again but on a break look for 1595 & then 1590 below but there is scope for a test of 1585 this week in this 4 month down trend.
Long term levels
1754.46 Nov High
1723.45 Dec High
1709.09 100 Day Moving Average
1696.20 Jan High
1669.69 Last Week’s High
1650.60 100 Week Moving Average
1635.75 Dec Low
1626.68 Jan Low
1598.23 Last Week’s Low
1584.75 78.6& Fibonacci
The article was first published by DayTradeIdeas.com