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Friday's Gold Outlook

Published 10/04/2013, 11:01 AM
Updated 07/09/2023, 06:31 AM
Gold's Technicals
Daily Forecast - 04 October 2013
Gold did continue lower to test support at 1305/01 & bottomed exactly here. We beat resistance at 1315/16 & cam every close to a retest of 1324/26 for a selling opportunity but topped at 1322.50. If we reach this area today, exit longs & try shorts with stops above 1331, but be ready for the next selling opportunity just above at 1337/38. This is expected to hold the topside at this stage. We should see a sharp sell off from here in to the end of the week.

1303/01 should act as support again today for profit taking on shorts. However the short term outlook is negative so any longs here need stops below 1296. Go with a break lower then for a target of 1285 & may be as far as 1277 for a buying opportunity today. Exit shorts & try longs with stops below 1270.

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