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Spot Gold: Glut Of Support

ByCarol Harmer
Published 09/06/2013, 06:56 AM
Updated 07/09/2023, 06:32 AM

Gold has 3 support levels coming in at virtually the same price. We have 1357 from the 200 and 55 day M/ A and 133 from the S1 support. Clearly, we are going to have quite a glut of support here, and given that we have fallen quite a long way in 2 days, this support may well be enough on the downside for the time being.

We should see buyers coming in at these lower levels and also profit taking from sellers. Either way, this area is looking to hold a first attempt.

You can see the overnight highs have been in the 1374 rage. This ties in with our break point of yesterday, so this is quite important. Buyers will be looking here to cover longs. If they can drive the market past this resistance we would be looking at a correction back to 1379 possibly, 1384. Here we would view to cover any longs and re-sell at that point.

If we fail to hold over 1355 we look to support lines at 1347 initially, then 1334 to entice us lower.

Spot Gold

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