In quiet trading yesterday due to the President's Day holiday in the US, gold stabilised above 1600, trading as high as 1619 and as low as 1607.
As we commented in our online blog yesterday, we expect gold to stage a recovery rally form here, though the market is fragile and the likelihood of further sell offs continues to be elevated.
Today should see a bit more action as the US participants return and the release of the FOMC minutes tomorrow evening is always closely watched for signs of how the Fed are thinking with regard to economic stimulus and interest rates.
As long as real interest rates (nominal rate less inflation) remain negative and economic stimulus remains active, gold will continue its 12 year old bull market.
Today's video looks at some key Fibonacci retracement levels and our targets for a recovery rally.
As we commented in our online blog yesterday, we expect gold to stage a recovery rally form here, though the market is fragile and the likelihood of further sell offs continues to be elevated.
Today should see a bit more action as the US participants return and the release of the FOMC minutes tomorrow evening is always closely watched for signs of how the Fed are thinking with regard to economic stimulus and interest rates.
As long as real interest rates (nominal rate less inflation) remain negative and economic stimulus remains active, gold will continue its 12 year old bull market.
Today's video looks at some key Fibonacci retracement levels and our targets for a recovery rally.