Spot Gold did make low for the correction as hoped & bounced back to 1585 as predicted. This is proving a struggle to overcome as we had expected but a push higher should happen today to target 1604/05, possibly as far as 1611/12 but this should be the top at this stage.
Any sell off is unlikely to see us fall as far as 1555 now. If we do test this level it should be a very good buying opportunity but we will need to keep stops tight below here as a break could see 1548/46. If this support breaks there really is very little to stop a move towards 1533 with 1531/27 the next area of support. This area is the low for 2012 and as such should be a welcome buying opportunity.
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
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