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.
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.