Daily Forecast - 09 October 2015
Gold Spot
Gold failure to hold above IMPORTANT support at 1140 would be a problem for bulls. We have recovered from yesterday's dip but failure to hold above support at 1134/33 id a sell signal & targets 1128/27.
For now I remain bullish & holding above 1142 would help to confirm a move towards 1145/46 then 1150 & resistance at 1153/54. A break higher today meets September highs at 1156/57 so these areas are the main challenge for bulls in to the end of the week. A weekly close above here tonight confirms further gains next week to 1160/61 then August highs at 1167/68. We should struggle here initially but eventually a break higher targets 1174/75 then the next major test for bulls at strong resistance at 1177.
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