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.
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.