Gold shot up yesterday on the back of a shockingly poor GDP number from the US (-0.1% vs 1% expected), though found resistance around the 61.8% retracement of our Wave A decline at 1682.

The FOMC statement was a non-event, with nothing new to report and the muted reaction of the gold market reflected this.

We are always suspicious of knee jerk reactions to news events - since the move upwards, which we believe to be the end of a Wave B rally, gold has since fallen back to 1674 and looks likely to fall further from here in a Wave C decline.

Both oil and equities have been rallying strongly lately, with the dollar under pressure.  We would not be surprised to see a correction in both oil and equities and a dollar rally from here, which would likely see gold.

Today's video looks at our targets for the Wave C decline and our strategy for our next trade.

Gold rose steadily yesterday in what we believe to be a B wave rally within an ABC correction.  The high for the B wave so far is 1668, being a 38.2% retrace of wave A.

All eyes are now on the FOMC statement due to be released at 7.15pm UK time and we suspect the price will continue to drift higher in quiet trading until then.

The powerful rally in oil continues, with the price now above $97.50 a barrel. The dollar remains weak - any further hints at economic stimulus measures tonight will see the dollar fall hard, however any signs that quantitative easing is coming to an end will see the dollar rally.

Today's video looks at the ABC correction in more detail and our strategy for our current trade.

Gold drifted lower yesterday morning, though found support around 1653, the 61.8% retracement of the rally from 1625 to 1697.  The market then stabilised for the rest of the day and is attempting a rally this morning.

The "impulsive" nature of the decline compared to the choppy, overlapping rise up to 1697 suggests that the current rally is a B wave within an ABC correction, with further declines to come once this B wave has run its course.

Now that options expiry is out of the way, the focus of the markets will switch to the two day FOMC meeting that starts today and the subsequent announcement tomorrow evening.  Following that, the highly anticipated and closely watched US jobs numbers are released on Friday.

As we have mentioned before, the jobs numbers have taken on an even greater significance since the Fed announced that future economic stimulus measures will be made with regard to their stated aim of a 6.5% unemployment rate.

Today's video looks at our targets for this B wave and our strategy for our current trade.

Gold continued to fall for most of the day on Friday, finding some support at 1655 and bouncing a little into the close on mild short covering going into the weekend.

This morning, gold remains under pressure, though the selling has slowed and Friday's low of 1655 has so far held in quiet trading.  The strong oil price and weak dollar remain supportive factors for gold, though the strong equity markets appear to be diverting funds away from precious metals at present.

Gold remains oversold on a short term time scale, though the market needs to rally above 1672 to give the bulls some confidence that the selling is over.  First support below 1655 is the 61.8% retracement of the rally from 1625 at 1653, below that 1650 is the last real support before 1625 comes back into play.

Gold is now trading below all of its major moving averages, after breaking up through the 200 DMA and 20 DMA last week, this must be remedied early this week to avoid lasting chart damage.

Today's video looks at the last couple of sessions of trading in more detail and the "rising bearish wedge" we identified last week before the sell off.

After breaking the rising wedge formation on Wednesday, gold continued to sell off steadily yesterday, finding support at 1664, just above the 200 DMA.  The market has attempted a rally this morning but looks to be in need of more consolidation before moving higher.

Oil continues to exhibit strength, trading at over $96 a barrel, and the dollar cannot seem to rally - these factors will support gold, as will robust physical demand out of China and India and from central bank purchases.

The market should see solid support in the 1662-1666 area, though we do not want to see the gold price fall below 1650, as this would suggest a retest of the 1625 lows as a minimum.

Overhead resistance can be found at the 20 DMA at 1671 in the first instance, 1674-1677 and then 1683-1685.

Today's video looks at the sell off in more detail and our latest trading position.

After stalling at the resistance area of 1694-1698 for a few days, forming what we identified as a potential bearish rising wedge pattern, gold sold off yesterday as the wedge pattern resolved itself with a break to the downside.

This is always the most likely outcome from this pattern and our subscribers were alerted that the pattern looked to be playing out in advance of the break.

Support lies at 1673 (18 Jan low), 1670 (the 38.2% retracement of the rally from 1625 to 1695), and below that further support can be found at 1666 (17 Jan low) and 1663 (200 DMA).

We will look to re-open a long position at the appropriate time, with our subscribers the first to be alerted when a favourable set up unfolds.

After another very quiet day of trading entirely within the range of Thursday's trading, gold looks like it is building up to a large move one way or another.

The 20 DMA continues to climb and the 200 DMA has also started moving higher, the 50 DMA remains just above as resistance.

We believe that the market is most likely to breakout to the upside, a move above 1705 would confirm that the 4 month down trend has finally been broken and a new rally leg is likely underway.  A strong oil price continues to support gold, as does a weak dollar.

However, there is the rising possibility that the market is tracing out a bearish rising wedge, which would see lower prices.  The first sign of this pattern becoming a reality would be a break of 1684, the wedge would be confirmed by a break of the uptrend support line at 1677.

Today's video looks at the rising wedge pattern in more detail and our thoughts on the next market move.

After the expected quiet day of trading yesterday, gold has continued its positive stance today, climbing a few dollars higher to trade around resistance at 1694.

News that the Bank of Japan is increasing economic stimulus has supported the market, and the looming debt ceiling negotiations in the US will continue to provide support in the coming weeks.

There is still a lot of resistance immediately overhead for gold, at 1694-1697 and 1703-1706, though once through these areas we expect the price to rise to 1725-1730 quite rapidly, with 1755-1760 the next target above that.

The 20DMA is now climbing and the 200 DMA will start to turn higher as the price moves higher.  The market remains well supported around 1682-1684 and below that at 1673 and 1662-1666.

Today's video looks at our target for this rally and the areas of resistance in more detail.

With the markets closed in the US today for the Martin Luther King holiday, we expect a quiet day of trading.

Friday was an "inside day", where the entire range of the day's trading was within the previous day's range.  This signifies consolidation, which is not unusual after a big move up.

Gold is now well clear of the 200 DMA and the 20 DMA has turned upwards.  Resistance immediately above is at the 50 DMA at 1696 and Thursday's high at 1698.

The major trendline from the October and November swing highs is now at around 1706 - once we can clear this level and close above it, the bulls will be firmly back in charge with sights on 1730 and 1755.

Today's video for subscribers looks at the action over the last couple of trading sessions and our thoughts on the next week's trading.

After bouncing around in the mid-1680s for most of the morning, gold took a sharp dive after the release of better than expected US jobs and housing data.  However, the market found support at the up trend line at 1666 and rebounded strongly, up and away well above the previous resistance area at 1685 to hit a peak of 1697.

Gold has continued to hold onto its gains overnight and is currently trading around 1690.  Our initial target of 1694 was hit and the next targets are 1703 and 1708.

A strong showing today will give a bullish weekly candlestick and set the market up nicely for further gains next week.  The 200 DMA is getting further away below the market and the 20 DMA has now turned back upwards which is a bullish sign.

The daily RSI shows ample further room to move higher and the MACD remains supportive to further gains.

Today's video looks at yesterday's price action in more detail and our target s for this rally.