Gold outlook positive but as expected
|Daily Forecast - 12 October 2017
Gold Spot
Gold outlook positive but as expected, strong resistance at 1298/1300 is a challenge as we hover just below. We could reach it today & a pull back from here on the first test is likely, but we may bounce again from 1284/83. Shorts are very risky but if you try, looking for a 10 point scalp, stop above 1305 & be ready to buy a break higher using 1300/98 as support to target 1308 & 1313/14.
Any profit taking is expected to be limited with first support at 1287/86 then a buying opportunity at 1282/81 (if we reach this far - we may not & yesterday we bottomed half way). Longs need stops below 1276 as we could then hit a buying opportunity at 1273/71.
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