FX Promo Daily Analysis 11 October 2016

Daily Forecast - 11 October 2016

Gold Spot
Gold again meets tough 200 day moving average resistance at 1258/59 the 1264/65 level again likely to prove more of a challenge. On further gains look for a selling opportunity at 1272/73. Shorts need stops above 1277. A break higher targets 1284/85. Just be aware of strong resistance at 1293/94 this week. A high for the recovery is expected if we reach this far. Try shorts with stops above 1300.

Failure to beat tough 200 day moving average resistance at 1258/59 targets support at 1250/49. However this is only minor now & below re-targets last week's low at 1241/40. A break lower this week not out of the question with the outlook more negative. Initially we target 1235/34 then 1230/29.