Gold holding quite strong resistance at 1264/65
|Daily Forecast - 18 May 2017
Gold Spot
Gold holding quite strong resistance at 1264/65 as we become overbought short term but outlook remains positive. A pull back is possible but we are in a 5 month bull trend so will look for for buying opportunities on weakness. First support at 1256/55 but better support at 1252/51 could hold the downside. Longs need stops below 1247 but try longs again at 1245/44 with stops below 1239.
A break above 1269 signals bulls in full control still targeting 1271/72 & 1277 but the the main challenge for bulls today now is the mega important 4.5 year trend line resistance at 1280/83. Watch for a high for the week. Try shorts with stops above 1290. BULLS REQUIRE A WEEKLY CLOSE ABOVE HERE BEFORE THEY CAN START TO BELIEVE THE BEAR MARKET FROM THE PEAK OF 1920 IN 2011 IS OVER & A NEW BULL MARKET HAS BEGUN.
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