Gold topped exactly here at 1242/44 as expected to hit the first target of 1236/35

Daily Forecast - 20 February 2017

Gold Spot

Gold topped exactly here at 1242/44 as expected to hit the first target of 1236/35. Further losses are likely targeting first support at 1233/32. However if we continue lower look for the next target & support at 1227/26 which could hold the downside, but longs look risky. If you want to try use a stop below 1223. On further losses look for 1219. Exit any remaining shorts here again & try longs down to our buying opportunity at 1217/16. A bounce from here could be seen here again but longs need stops below 1212.

If we hold 1235/36 look for a retest strong resistance at 1242/44. Try shorts again with stops above 1248. A break higher however is therefore a buy signal initially targeting quite strong resistance at 1255/56 which should hold if tested during this week, for a dip back to the mid 1240 area perhaps.

A WEEKLY CLOSE ABOVE 1245 IS A BUY SIGNAL FOR NEXT WEEK.