Daily Forecast - 19 May 2017
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
- R3 1279.55
- R2 1272.28
- R1 1259.64
- PP 1252.37
- S1 1239.73
- S2 1232.46
- S3 1219.82
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