Gold Intraday technical analysis
Spot Gold managed to hold on to 1559/58 support as hoped & hit our target & resistance at 1567/69, topping out here as predicted. This is tough resistance again today but push through 1571 could allow a move towards 1578/79 resistance to try shorts with a stop above 1582 for 1588/90 once again.
We are back testing support at 1559/58 with a good chance of a bounce again. Any longs however need a stop below 1553 as this risks continued losses towards 1549 & possibly a retest of
this month’s low at 1542/40. Strong support here should attract fresh buyers & we could see a good bounce but stops may be needed below 1536.
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