Daily Forecast - 17 August 2015
Gold Spot
Gold first support at 1115/14 but the outlook is increasingly negative so any longs need stops below 1112. A break lower targets 1110/09 then 1105/04 for profit taking on shorts. If we continue lower look for a buying opportunity at 1101/00.
Holding above 1114 allows a recovery to minor resistance at 1119/20. We should struggle here as we did on Friday in fact, so watch for a high for the day. However if we unexpectedly continue higher look for a selling opportunity at 1125/26. Shorts need stops above 1128 however & a break higher then targets strong resistance at 1131/32. Use this as a selling opportunity with stops at 1136. Be ready to buy a break above 1137 however to target 1142/43.
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
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