Daily Forecast - 04 March 2016
Gold Spot
Gold has the most important longer term resistance at 1262/67 in overbought conditions. This is absolutely crucial to future direction & for now this has been rejected. Therefore we could target the most important support of the day at 1248/47. This is a buying opportunity & a bounce from here re-targets 1256/57 then 1260 & perhaps as far as strong resistance at 1262/67. However longs need stops below 1244. A break lower is a sell signal & targets minor support at 1239/38 but if we continue lower look for strong trend line support at 1227/25.
Bulls require a weekly close tonight above 1267 to start a new leg higher in the 3 month bull trend. Next targets are 1273/74 & resistance at 1283/84.
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