The market had a very quiet day on Friday, trading in a narrow $12 range, as participants digested the FOMC announcement the previous day.

This morning gold has opened around unchanged, the encouraging thing to note from a technical standpoint is that the gains of the previous rally are being held and any dips are very shallow and brief, as traders take the opportunity to add to positions or scramble to close shorts.

This week we expect the rally to resume, though gold is now overbought on the daily chart and approaching overbought levels on the weekly chart.

Our subscribers will be kept informed in real time of our views and trading decisions as always.

The big FOMC announcement was not a disappointment, as the Fed announced open-ended Quantitive Easing and extended the forecast for low interest rates to mid-2015.

This lit a fire under the gold market, which had sold off in nervous trading immediately before the announcement, powering the market higher through 1750.  The current price is 1772 and gold looks poised for further gains with strong momentum behind the move.

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

As we expected, after an initial flurry of activity around the German constitutional court decision, gold traded in a narrow range for the rest of the day as participants eagerly await the outcome of the FOMC meeting this evening.

Although it is likely that some kind of further economic stimulus measures will be announced, there is a hefty "QE premium" built into the gold price at present and the potential for disappointment is considerable.

Today's video looks at the action of the last couple of days and our strategy for the FOMC announcement and our next trade.

The German constitutional court has today ratified Germany's participation in the ESM, with some conditions attached, as expected.

Gold has started moving higher again and is currently at new highs for this rally leg.  However, attention will now quickly focus on the FOMC announcement tomorrow and we could see prices fall back into a "holding pattern" until then.

We think there is considerable potential for disappointment tomorrow and a sharp correction could follow the FOMC press release if the expectation of further QE or similar major economic stimulus measures is not met.

Today's video looks at the short term Elliot Wave count as it is developing and the strategy for our next trade.

After drifting lower yesterday, gold is again slightly weaker this morning, as the market focuses on the upcoming FOMC meeting on Thursday.

It has been the case for many months now that the only news that matters is whether or not there is going to be further economic stimulus from the Fed - expectations are high that Thursday will see an announcement in this regard.

As such, should the Fed fail to announce any new economic stimulus package, the correction in the precious metals will be sharp and rapid as those speculators who have recently been bidding up the metals bail out of their long positions.

Today's video looks at short term Elliot Wave counts and our expectations for the next few trading sessions.

Gold shot up on Friday afternoon following a weaker than anticipated non-farm payrolls number out of the US, with only 96,000 jobs being created in the last month.  In addition, the previous month's figure was revised downwards.

After consolidating for most of the week following the gains on the previous Friday, gold vaulted through 1700 and is currently trading around 1735, again digesting the gains of last week.

This week should see some follow through buying after a bullish weekly close at the top of the range and as momentum builds in this rally, though a correction of the 150 point rally from 1590 over the last few weeks is very likely in the coming days.

Today's video looks at clues to when this correction will occur and our strategy for our next trade.

The ECB statement was a bit of a non-event in the end, with nothing of real interest being announced.  We saw gold move higher in advance of the statement and sell off slightly afterwards.

For us, the fact that gold is back below 1700 and under some pressure this morning suggests we may have a mild correction here, with 1680 the obvious first target.

However, the big item on the agenda today is the US jobs data - a very weak number will most likely see gold resume its rally and target 1730.  A particularly strong number (which may be more likely given the ADP data yesterday) would see gold sell off more strongly, with 1680 then 1650 as targets.

The market reaction to news items rarely plays out in the most obvious way and any attempt to trade the data is a pure gamble.  We are traders, not gamblers - sitting on the sidelines with our recent $65 gain suits us just fine.

After drifting slowly higher for all of yesterday, gold has jumped overnight to convincingly take out resistance at 1700.

With the ECB meeting announcment later today and US jobs data tomorrow, there could be a lot of volatility in the markets over the next couple of days.

Today's video looks at our current trade and our strategy for the next day or two.

Gold continues to drift higher following Friday's huge gains and has formed a pattern of higher lows and higher highs on the daily chart this week, which is bullish.

The ECB meeting on Thursday and payroll data on Friday are now at the forefront of traders mind, today may be another relatively quiet day as participants await these two key events.

Today's video looks at the action of the past few days and our targets for this rally leg.

In quiet trading due to the Labor Day holiday in the US, gold drifted slightly higher on the back of a higher oil price and higher European equity markets.

Gold has held onto all of last Friday's gains and is poised to attempt a break above psychological resistance at 1700.

Today's video looks at some interesting patterns that provide clues for the next price target above 1700 for this rally.