Spot Gold: Looking Stable
Jason Sen | May 12, 2014 08:14AM ET
Gold very stable for a couple of days as we held the 100 day moving average at 1286/85 for the third day after reaching our target of 1295/96. The same levels apply for today & above 1289 look for a test of resistance at 1295/96. We should struggle here & a high for the day is likely as the outlook becomes more negative. An unexpected break higher however targets strong resistance at 1298/1300 for a selling opportunity. Only a sustained break above (and a close above here) can now turn the outlook positive again to target 1305/06.
Important support at 1286/85 today & failure here is a problem. A break lower is certainly more likely this week & keeps the market under pressure for 1279/78 then a retest of the 2 week low at 1273. Any further losses this week are likely to test April lows at 1268.
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