Gold moved steadily higher yesterday, finishing near the highs of the day at 1595 after finding support at 1584 on the downside. This morning, in the face of weaker oil and silver and a slightly stronger dollar, gold is continuing this move higher, hitting a high this morning of 1602.
This price action is very encouraging in light of the these outside markets - the bulls will want to see a close above 1600 today with targets of 1610, 1618 and 1630 in mind.
Today sees Ben Bernanke start his 2 day testimony to Congress, where he will be answering questions on economic policy. The markets will be particularly keen to hear what he has to say on further quantitative easing and other economic stimulus measures, this could result in increased volatility as the markets digest his words.
Today's video looks at the price action of the past couple of sessions and our targets for this recovery rally.
This price action is very encouraging in light of the these outside markets - the bulls will want to see a close above 1600 today with targets of 1610, 1618 and 1630 in mind.
Today sees Ben Bernanke start his 2 day testimony to Congress, where he will be answering questions on economic policy. The markets will be particularly keen to hear what he has to say on further quantitative easing and other economic stimulus measures, this could result in increased volatility as the markets digest his words.
Today's video looks at the price action of the past couple of sessions and our targets for this recovery rally.