Gold: Strong resistance at 1260 key to direction

Jason Sen DayTradeIdeas.co.uk

Daily Forecast - 28 February 2017

Gold Spot

Gold key to direction is strong resistance within the 1255/60 area. Try shorts with stops above 1265. However an unexpected break above 1265 is another important buy signal targeting 1269 & strong resistance at 1277/78. Try shorts with stops above 1284.

Failure to beat 1255/60 as expected, targets minor support at 1246/45 then 1241/40. We could bottom today within this 6 point area but longs are too risky. A break below here is an added sell signal & targets 1233/32 which is likely to be the best support for this week.

Interested in Gold technicals? Check out the key levels

1. R3 1257.30
2. R2 1257.15
3. R1 1256.90
PP 1256.75
1. S1 1256.50
2. S2 1256.35
3. S3 1256.10

Author

Jason Sen

DayTradeIdeas.co.uk

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