DAILY SPOT GOLD - Thursday's call and technicals
Despite a 3 day sell-off of almost 40 Pts since Friday’s 6 year high at 1453.0, Wednesday’s signals switched to bullish. These were confirmed with gains of over 11 Pts. Although this is positive, concerning for bulls is the fact that a sequence of lower daily highs has remained intact. It is for this reason that while Thursday’s signals remain bullish the outlook is cautious to start with and is to stay square on the open and to buy the dip at 1416.7, yesterday’s low with a stop loss at 1405.7, the 17th July open, or to buy up through 1436.0, Friday’s Marabuzo line with a stop loss at 1426.0. Targets above 1436.0 are to 1446.4, Friday’s open and 1453.0, Friday’s 6 year top.
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