Daily Forecast - 28 January 2016
Gold Spot
Gold is overbought as we warned yesterday & in need of a short term correction. First support at 1115/14 could hold the downside initially this morning & we could bounce to 1119/1120. However a break lower perhaps later in the day is certainly possible & targets an excellent buying opportunity at 1109/08. A low for the day is expected but longs need stops below 1105.
Minor resistance at 1119/20 but above here could targets strong resistance at 1129/30 in overbought conditions. This should be an excellent selling opportunity with stops above 1134.
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