Daily Forecast – August 01, 2016
Gold soared to 1,355 on Friday and withdrew back to 1349 in the upward trend this morning. Getting a little overbought, but prospects remain positive so any weakness is a buying opportunity. First support in 1345-1344 could be a disadvantage, but below a buying opportunity here in 1339-1338. Longs need stops below 1333. Look for the next opportunity to purchase destination and 1329-1328.
Holding first support in 1345-1344 as is possible in the bull trend and lower resistance target at 1350 and then in 1355. A high last week break higher targets from 1358 to 1360 and then 1368 and 2016 high up far (but that could be hit with time) in 1374-1375.