Daily Forecast - 06 December 2013
Gold held support at 1229/27 all morning but then broke lower. We held just above the low this week at 1215/12, which was our second buying opportunity. We could however test this area today. Exit shorts and try longs on the approach and look for a low for the day. HOWEVER use stops below 1207 as a break lower target 1198/97 and possibly this year's low at 1180.
Eventually we do expect a move higher. If we can hold support at 1224, look for a test of resistance at 1229/30 and may be as far as 1237/38. A break above 1240 is a further positive signal and allows a move towards 1243/44 then 1250/55.
Weekly outlook: We hit our downside target of 1215/14 this week and bottomed almost exactly here at 1211.50. We should now build a recovery in to next week.
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Friday's Gold Outlook
Published 12/06/2013, 10:31 AM
Updated 07/09/2023, 06:31 AM
Friday's Gold Outlook
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