Technical Outlook For Spot Gold

Gold found support at the 61.8% fib level of 515.30 yesterday and you saw it springboard from this support back above 932 to 940.90. Currently at 935, there is scope to trade higher this session with 946 the area looking to entice.

Profit taking on longs here would keep a lid on it in the short term, but if a break was posted above here buyers would re-emerge and push the market higher with 956.65/958.80 then the short term objective. Expect a pause for breath at these higher levels, and some downside moves to ease the short term overbought scenario.

Now if the market falters at 940 look for another assault on the downside with 925 then the short term target. Sellers would only appear if this support was broken for 915.25 once more where you would once more expect a bounce.

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