DAILY SPOT GOLD - Tuesday's trade idea and technicals
A near 60 Pt failed weekly rally to open this year, followed by last week’s failed modest sell-off has left this week’s signals mixed and neutral. Monday’s trading reflected investor caution, as despite posting a 4th higher daily low & high which is positive for sentiment, the market traded mainly sideways in light volume for a little changed close. Buyers have returned to the market in Asia this morning however and with signals pointing higher the outlook for Tuesday is bullish and the call is to buy on the open and then at 1560.5, just above today’s Asia low with a stop loss at 1556.2, yesterday’s base. Targets are to 1572.9, the 8th Jan open, 1582.5, a 62% recovery to the losses posted since the 2020 top and then towards 1592.5.
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