Gold targeting break above 1265

Jason Sen DayTradeIdeas.co.uk

Daily Forecast - 19 May 2017

Gold Spot

Gold held quite strong resistance at 1264/65 & initially bottomed just over a point below support at 1252/51 but only bounced 4 points. Eventually we bottomed a fraction above the next target & support at 1245/44 for a bounce to the 1251/52 resistance. This is only minor so further gains if seen target 1255/56, 1258/59 & perhaps as far as strong resistance at 1264/65. We should struggle here but a break higher this time is certainly possible. A weekly close above would be a buy signal for the start of next week targeting 1271/72 & 1277/78 before mega important 4.5 year trend line resistance at 1280/83.

The best support for today at 1245/44 but longs need stops below 1240. A break lower targets the next buying opportunity at 1234/32. Try longs with stops below 1228.

Interested in Gold technicals? Check out the key levels

1. R3 1279.55
2. R2 1272.28
3. R1 1259.64
PP 1252.37
1. S1 1239.73
2. S2 1232.46
3. S3 1219.82

Author

Jason Sen

DayTradeIdeas.co.uk

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