Gold has closed above its 200 DMA at 1662 for the last two sessions - this level now becomes support, along with the 20 DMA at 1665.
With momentum rising, the down trend broken and the price above the key 200 DMA again, the bulls will be gaining in confidence as the 1625 spike low looks more and more like the low for this correction.
A break above 1703 will confirm for us that this is the case.
For our subscribers at www.goldtradingexperts.com, today's video looks at yesterday's price action in more detail, our targets for this rally and the strategy for our current trade.