The market reached a peak of 1679 last night before falling back a little overnight and is currently trading around 1669 after finding support at the 38.2% Fib retracement of the rally at 1668.
Importantly, gold has broken through the 200 DMA and closed well above it, we need to see follow through buying today to confirm the breakout and give a bullish weekly candlestick.
The price action yesterday highlights the increased importance the market now gives to jobs data from the US, following the statements that a target rate of 6.5% unemployment would see the end of quantitative easing.
For our subscribers at www.goldtradingexperts.com, today's video looks at the breakout in more detail and identifies our price targets for this rally.