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Gold Daily Forecast - Bulls Remain In Control

Published 08/17/2017, 09:16 AM
Updated 07/09/2023, 06:31 AM

Gold Chart

Gold reaches the 1282/83 target as we look for 1287/88 before the 1291/92 Monday high. We then test the all important double top high for this year at 1295/96. Eventually this is likely to be broken - of course I do not know the timing. A weekly close above here on Friday would be bullish confirmation.

Bulls remain in control as predicted with first support at 1279/78. This could hold the downside but below here meets a better buying opportunity at 1272/71 of course. Try longs with stops below 1266. An unexpected break lower is a sell signal & sees 1270/72 act as resistance to target 1264/63 & support at 1258/56. THIS IS THE IS THE MOST IMPORTANT SUPPORT OF THE WEEK. IF THIS HOLDS WE CAN BELIEVE THE LONGER TERM BULL TREND HAS STARTED.

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