After a rollercoaster ride on Friday, gold finished the session around mid range at 1663. The 200 DMA is currently at 1663 and this area is clearly a battleground for the bulls and bears.
The bulls will be disappointed that there was a lack of follow through buying after Thursday's strong showing, though will be heartened by the recovery off the session lows at 1653 and the subsequent follow through strength this morning.
Gold looks to be attempting to form a base above the 1625 spike low on 4 Jan and has formed a series of higher highs and higher lows since, in what appears to be the start of an up trend.
However, the strong down trend of the past 3 months still dominates and, until the market can break out above last weeks highs, the new up trend will not be confirmed.
For our subscribers at www.goldtradingexperts.com, today's video looks at Friday's trading action in more detail and our targets for this newly forming up trend.
The bulls will be disappointed that there was a lack of follow through buying after Thursday's strong showing, though will be heartened by the recovery off the session lows at 1653 and the subsequent follow through strength this morning.
Gold looks to be attempting to form a base above the 1625 spike low on 4 Jan and has formed a series of higher highs and higher lows since, in what appears to be the start of an up trend.
However, the strong down trend of the past 3 months still dominates and, until the market can break out above last weeks highs, the new up trend will not be confirmed.
For our subscribers at www.goldtradingexperts.com, today's video looks at Friday's trading action in more detail and our targets for this newly forming up trend.