Daily Forecast - 07 March 2016
Gold Spot
Gold first support at 1260/59 but below here is more negative & targets 1253 then 1250/49. If we continue lower look for the most important support of the day at 1247/46. Try longs with stops below 1242. A break below 1245 is a short term sell signal & targets 1240 then 1235, but we could fall as strong support at 1229/28 for a buying opportunity.
Holding first support at 1260/59 re-targets trend line resistance at 1267/69. If we continue higher look for 1274/75 which could see a high for the day. Shorts are risky in the bull trend but I do think they are worth trying with stops above last week's high at 1279. Just be aware that a break higher targets 1283/84.
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