Daily Forecast - 31 March 2016
Gold Spot
Gold has tumbled to important support at 1226/25 which is key to direction today. Failure to hold here means bears have control & the 2 week bear trend is more than just a short term correction. Longs need stops below 1221 with further losses to target 1216/15 then 1212 & perhaps as far as March lows at 1209/08.
Holding 1225/26 means bulls should control the day & re-targets first resistance at 1235/36. We should struggle here today but further gains re-target strong resistance at 1243/45. This is the main challenge for bulls this week & a high for the day is very possible again. Shorts need stops above 1248. A break higher however sees 1245 act as support to target only minor resistance at 1254/55. If we continue higher look for 1259/60 then resistance at 1266/67.
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