Daily Forecast - 05 April 2016
Gold Spot
Gold first resistance at 1225/26 but shorts are a little risky - I would only try small shorts if you think this level could hold in the morning & stop above 1229. A break higher would target strong resistance at 1235/36. This is definitely the most important level of the day, probably of the week. Try shorts with stops above 1241. However we must be ready to reverse in to a long position if it looks like prices have made a breakout above 1238. This would be a buy signal & targets 1243/45 initially.
Failure to beat 1225/26 targets 1222 then 1217/16. Below here is more negative for today & risks a slide to 1212 then a retest of important March lows at 1209/08. I would not be buying here today as risks grow for further losses to 1204 & perhaps as far as 1201/00.
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