DAILY Spot Gold - Wednesday's trade idea and technicals
Tuesday’s signals were bearish and pointed to selling the rally at 1548.0. While this was the correct strategy. as initial gains were given up and for a sequence of higher weekly & daily lows to be ended, sentiment traded mainly sideways for only a modest down-day. The sell-off since last weeks near 7 year top at 1611.4 is probably corrective and it is attracting buyers from close to the 13 day average rate. Improving sentiment in Asia has subsequently left a cautiously bullish bias to signals and the outlook for Wednesday is to buy on the open and then at 1546.9, today’s Asia low with a stop loss at 1535.8, yesterday’s base. Targets are to 1555.5, Monday’s Marabuzo line, 1561.6, this week’s top and 1573.6, a 50% recovery to the losses posted since this year’s high trade.
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