Gold traded in a narrow range all day yesterday with an upward bias, hitting a high of 1296 and finding support at 1277 in early trading.

The market is eagerly awaiting Ben Bernake's testimony to Congress later today and will be scrutinising his statement for clues regarding the future of Quantitative Easing and US interest rates.

Any strong hints suggesting a timetable for tapering QE this year will see a dollar rally and gold sell off, however we will probably see gold rise if Bernanke suggests tapering is further off than the markets currently expect.  The Fed Chairman has to perform a fine balancing act to prevent a surge in interest rates and a hard stock market crash whilst keeping the prospect of QE tapering at the forefront.

Equities are again challenging their all time highs and oil is holding onto recent gains and trading above $105 a barrel.  The dollar has sold off significantly since the FOMC minutes last week suggested tapering of QE was still uncertain, this could all change today depending on Bernanke's testimony.

An interesting day ahead.

Today's video for subscribers looks at our strategy for our next trade in detail and considers Bernanke's statement to Congress in relation to this

Yesterday saw a quiet day of trading in gold, with the price moving in a narrow range around 1280.  The market looks poised to move higher in the very short term, though we do not expect a major rally to unfold from here.

We suspect the down trend will resume shortly, with a retest of 1180-1200 the first target.  Our subscribers are aware of our target for this counter trend rally.

Oil and equities continue to surge higher, fuelled by expectations of improving economic conditions in the US, at least relative to the rest of the Western world, and with emerging markets struggling, the US looks to be the "best worst" prospect in the near term.

This should also translate into dollar strength, which we expect to see return once the knee jerk sell off following the release of the FOMC minutes last week unwinds.  This will of course be bearish for gold and we expect this to be the catalyst that sees the down trend in gold resume in the coming weeks.

Today's video for subscribers looks at our target for the current rally and our strategy for our next trade.

Friday saw gold continue to climb after a dip in early afternoon trading to successfully test 1268.  This morning, gold is still positive and aiming for resistance at 1300-1302.  A break above this area opens up further resistance at 1312 and 1322.

Following the massive dollar sell off after the FOMC minutes were released on Wednesday last week, gold has moved steadily higher, though is now approaching a band of very strong resistance.

We anticipate that this area will cap gold's recent rise, particularly if the dollar recovers as we expect it will.  In addition, the ongoing strength in equities will not help gold's cause and we are still within a weak period of the year cyclically for gold.

However, gold appears to be tentatively starting to form an important bottom in the 1150-1200 area.  We have an historically high open short position and have seen devastating losses since April that mean gold is incredibly oversold - the market seems primed for a powerful rally when the time is right.  We do not expect this to happen just yet, our subscribers are aware of our thoughts and strategy.

Oil continues its powerful advance, trading at $106 a barrel and is now aiming for $110 and $113 as the next targets.  Above here and we are looking at an eventual return to the all time highs at $147 a barrel.

Today's video for subscribers looks at the recent trading and our strategy for our next trade in detail.

Gold bounced around in a narrow range between 1280 and 1290 yesterday after pushing as high as 1299 in overnight trading and this morning is trading slightly lower at 1275.

The market appears to be forming a "bull flag" on the short term charts, with a target of 1324 - we expect a retest of 1300 at least from here.  The strong down trend and bearish sentiment will make further gains above 1320 very difficult for gold to achieve, particularly in the weak summer months.

The dollar was smashed lower after the FOMC minutes though appears to be stabilising and we expect a recovery back to the recent highs and beyond over the coming weeks.

As we anticipated, stocks are again looking strong as the powerful bull trend re-establishes itself after the recent correction.  We expect to see new all time highs in US and UK stock markets soon now that the market has successfully backtested the breakout point.

Today's video for subscribers looks at the recent trading action, our thoughts on the recent rally and our strategy for our next trade.

The FOMC minutes appeared to rein in the anticipated prospects of QE tapering somewhat last night, resulting in a powerful rally in gold and equities and a sharp decline in the dollar.

Gold reacted in muted fashion on the release of the FOMC minutes, however at the open of the Asian session at 11pm UK time jumped higher, hitting a peak just below 1300 as the dollar tumbled to trade below 83.

Oil has surged higher again and is now trading above $107 a barrel, hitting our initial target of $106 just a week after breaking out above resistance at $98 a barrel.

Equities are powering higher after their recent correction and look ready to challenge May's all time highs - further equity strength will be bearish for gold as investors reallocate funds to equities in search of yield.

Today's video for subscribers looks at targets for this rally and our strategy for our next trade.

Gold could not build on the early gains yesterday and spent the day trading in a narrow range between 1242 and 1257 after touching a high of 1260 overnight.

This morning, gold continues to trade within this tight range, though is attempting to form a bottom above 1180 and move towards strong resistance in the 1300-1320 area.

Oil is surging higher again this morning and is now trading well above $104 a barrel, whilst stocks also continue to move higher.  Both stocks and oil moving higher suggests optimism with regard to economic recovery in the US is outweighing the prospect of tapering of QE.

The dollar is moving higher as well, though is currenly retesting the breakout point at 84.50.  A strong move higher in the dollar will be bearish for gold and could cap any rally attempts and push gold back towards the bottom of the recent trading range around 1180-1200, possibly even below.

Today sees the release of the FOMC meeting minutes which will give further insight into the discussions regarding the timing of QE tapering and interest rate expectations.  This release often moves markets significantly, so we will be watching closely for strong moves following the release of the minutes at 7pm UK time.

Today's video for subscribers looks at our strategy for our next trade and our expectations for the gold price in the near term.

Gold moved steadily higher yesterday, appearing to shrug off the stronger than expected NFP data and a resurgent dollar, with strong follow through buying overnight from Asia seeing gold move up as high as 1260.

Although it is possible that gold is forming a bottom at 1180, we suspect there is a little more downside to come, with 1156 our long standing target.  A washout slam down to 1000-1050 remains a real possibility, though a dip to this level would be seen as a fantastic long entry point.

Oil continues to hold gains above $103 a barrel and looks to be headed for $106 in the short term, whilst equities are rallying again - the recent correction looks to have run its course and we expect higher stock markets over the next few months.

The dollar is consolidating its recent rally around 84.50 and looks ready to move higher again soon - this will pressure gold and would cap any further gains in the short term.

Today's video for subscribers looks at the recent trading in more detail and our targets for this rally in gold.

The NFP number came in far strong than expected on Friday, with the April and May numbers revised upwards as well.  This led to a sharp sell off in gold and a surge higher in the dollar, now trading well above key resistance at 84.50.

Gold touched a low of 1208 before recovering a little into the close and is trading around 1225 this morning.  Oil has also powered higher and is now trading above $103 a barrel.

With traders returning to their desks after the 4 July holiday in the US, we may see greater trading volume in the markets and a retest of 1180-1200 could be on the cards early this week.  A break above last week's high of 1267 would suggest a rise to 1300-1320.

Today's video for subscribers looks at the effect of the NFP number in more detail and our strategy for our next trade.

We saw a quiet day of trading in gold yesterday with the price moving in a narrow range, however the forex markets saw a bit more action, with dovish statements from the ECB and Bank of England seeing the Pound and Euro collapse against the dollar.

The dollar strength did not translate into weakness in gold, which may be a sign of internal strength returning to gold, or more likely given the drop this morning, a symptom of the US markets being closed for Independence Day.

Oil continues to exhibit strength and the recent trend of strong equities, oil and the dollar and weak precious metals is still very much the prevailing pattern.

The closely watched Non Farms Payroll number, the most important data release of the month, comes at an unusual time in July, with many traders away from their desks due to the 4 July holiday.  This may result in exaggerated volatility in the gold price due to the thin trading conditions so caution must be the key word today.

Today's video for subscribers looks at the recent trading in more detail and our thoughts on the NFP number released later today.

Gold moved steadily higher in quiet trading yesterday ahead of the Independence Day holiday in the US today.  We expect the light trading to continue today and tomorrow with no strong direction either way.

Gold is continuing to rally from a deeply oversold position after bouncing from support at 1180 last week and rallying sharply on Friday.  We expect the decline to continue once this counter trend rally has run its course - our subscribers are aware of our targets for this rally and our strategy for our next trade.

Oil surged higher yesterday after breaking through stiff resistance at $98 and looks set for further gains, with $106 our initial target.

Equities also look set to resume their rally with the S&P finding support at 1600.  The dollar is close to resistance at 84-84.50 - if this level gives way, the dollar should rally sharply, pressuring gold.

Today's video for subscribers looks at the recent trading in more detail and some targets we are watching for this rally.