Daily Forecast - 16 March 2015
Gold April Contract
Gold has important longer term support at 1156/55 but below here sees a retest of support at 1147/1146. Being oversold it is worth trying longs with stops below December lows at 1142/1141. Although oversold a break lower always possible in the negative trend to target 1138/37 then the 4 year lows for Gold seen in November 2014 at 1131/30. Obviously this is extremely important & a bounce from here should be seen, initially at least. Just be aware that a weekly close tonight below starts the next leg lower in the bear trend next.
Any bounce meets first resistance at 1158/59 but above Friday's high at 1261 targets stronger resistance at 1164/65. This is likely to mark a high for the day but shorts need stops above 1169. On a break higher use 1165/64 as support for a move towards 1172 then resistance at 1175/77.
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