Spot Gold Forecast for 03/12 by Daytradeideas.com

Spot Gold held a very tight range last week from 1561 up to 1586/87 so we watch these parameters this week. Below 1579 we could test support at 1569/67 again today & a break below last week’s low of 1561 could signal a retest of February lows at 1555.

We will need to hold above 1579/80 for another test of 1586/88 resistance. This could hold the top of the market again today but if we start to push higher look for 1595 with 1605/09 the target above.

Long term levels

1754.46     Nov High

1723.45     Dec High

1709.09     100 Day Moving Average

1696.20     Jan High

1655         100 Week Moving Average

1635.75    Dec Low

1626.68    Jan Low

1586         Last Week’s High

1561         Last Week’s Low

1555         Feb Low

The article was first published by DayTradeIdeas.com