Spot Gold Forecast for 02/20 by Daytradeideas.com

Spot Gold failed to test 1619/21 as we consolidate recent losses above last week’s low at 1598. A break lower today sees 1595 & then 1590 below but there is scope for a test of 1585 this week in this 4 month down trend. This is where it should be worth buying in to longs.

Resistance at 1611 but above here we could stretch to 1615, possibly 1619/1621. This should be tough to beat so a top for the day is likely but a push higher targets 1626 with any further strength then likely to target 1633/35 for a selling opportunity this week.

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