Spot Gold Forecast for 02/19 by Daytradeideas.com

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