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Spot Gold: Forecast April 16, 2014

Published 04/16/2014, 07:15 AM
Updated 07/09/2023, 06:31 AM

Spot Gold

Gold unexpectedly collapsed in a shakeout that took out almost 7 days of gains to hit 1285/84. Today immediate support is 1296/95 but below 1290 risks a retest of yesterday's low at 1285/84. If we continue lower look for a test of April 1st lows & 100 day moving average at 1277/76. A good chance of a low for the day here but a break could then target Fibonacci support at 1263/62.

Immediate resistance at 1303 but above here could target 1308/10, possibly as far as 1313/14 for a selling opportunity, with stops above 1318.

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