Spot Gold: Buying Opportunity At 1220/19
Jason Sen | Feb 03, 2014 08:14AM ET
Gold saw 1238 mark the low for the correction as predicted as we hit our target and strong resistance at 1255/56. As expected a
high for the day was seen exactly here in fact. 1241/39 then acted as good support again as predicted and should hold the
downside again today. However, a break below 1236 adds pressure and targets 1231/30. Look for a bounce from here but longs
need stops below 1226 as a break lower then offers an excellent buying opportunity at 1220/19.
Immediate resistance at 1245/46 but above here is more positive and targets 1249/50. We should struggle here but a break higher
at a later stage is possible, and targets strong resistance at 1255/57. Again a high for the day is likely, but if we mange to beat this
challenge we could then target 1264/65 for a selling opportunity with stops above the 100 day moving average at 1271.
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