A quite extraordinary day on Friday, not only as gold powered higher by over $60 on the back of a feeble US jobs report, but that it did this as stocks and oil crashed lower and the dollar rose dramatically.
This may well be a watershed day and could be seen in years to come as the day gold came into its own as the ultimate safe haven. However, we need to see further buying to confirm the move and the lows for the correction.
As it is, now our long position is showing a healthy profit and we've moved our stop up to break even. We are expecting further gains.
Resistance stands at 1625, then 1670. Support is at 1600 and 1580.
This may well be a watershed day and could be seen in years to come as the day gold came into its own as the ultimate safe haven. However, we need to see further buying to confirm the move and the lows for the correction.
As it is, now our long position is showing a healthy profit and we've moved our stop up to break even. We are expecting further gains.
Resistance stands at 1625, then 1670. Support is at 1600 and 1580.