Spot Gold: Very Overbought Short Term
Jason Sen | Mar 17, 2014 03:51AM ET
Gold has shot higher again over night reaching our target of 1391 and topped almost exactly here at 1392. Short term we are very overbought now so perhaps gains will be more limited today. Immediate support is 1377/76 but below here we could reach 1368/67 which could hold the downside today. Try longs with stops at 1364 and then look for the next buying opportunity at 1360.
Immediate resistance at 1391/92 could hold any bounce today. However a break higher in this 12 week bull run cannot be ruled out and could target 1394 then the big 1400 psychological number.
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