DAILY Spot Gold - Wednesday's trade idea and technicals
A 73 Pt sell-off since this month’s near 6 ½ year top at 1557.3 has attracted buyers back to the market from close to 1479.0, a 50% pullback to the entire August gains and this week’s signals have continued to point higher. Tuesday’s signals were also bullish, and these too were confirmed as the dip was bought at the low and for sentiment to rally by 20 Pts. A sequence of higher daily lows has been extended which is positive for sentiment, but with shorter-term signals overstretched there is the potential for profit taking pullbacks. These should be temporary and the outlook for Wednesday remains bullish and the call is to buy just modestly on the open and then at 1522.2, Tuesday’s Marabuzo line with a stop loss at 1515.5, yesterday’s base. Targets are to 1535.7, yesterday’s high, 1545.0 and 1557.3, September’s top.
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