Spot Gold Commentary

Gold sellers appeared just prior the 946 target and Gold then came lower to 932.16 and is currently under pressure once more.

Below 930 will see a fresh wave of sellers appear as Gold should then break lower back to excellent support located at 918/915.25. Here profit taking will occur and the tentative buyers will emerge. You should see the market bounce from these lower levels and back above 932 would see further buying pressure for the 946 resistance.

However if 914 breaks you will see a reversal of sentiment with buyers reversing their positions for this to come lower with 903/903 then targeted in the short term. Sellers will cover shorts to here, and look to re-sell if the market is below 900.40.

YESTERDAY’S PRICE ACTION

High : 945.60

Low : 932.15

Close : 933.05

Support

931/30

925

918/915.25

911.35

904/903

900.40

891.20/00**

882.60

Resistance

941.94

946

948.80

950.85

954

956.65

958.80

959.90

Today’s Pivot Points

950.38

941.71

936.93

941.71

923.48

LONGER TERM DAILY FIB LEVELS

930.51

889.94

853.67

817.40

SHORT TERM HOURLY FIB RETRACEMENT LEVELS

946.07

934.95

925.01

915.07

903.95

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