For the fourth trading session in a row, gold moved in a narrow range between 1565 and 1585 to end the day slightly higher at 1582.
Gold moved in a tight band in early dealings before selling off on the release of stronger than expected jobs data from the US. The market found support at 1565 and rallied impressively to form a bullish "hammer" candlestick on the charts.
Gold looks poised to move higher from here, today's big news events are the central bank interest rate announcements and the weekly jobless claims data.
We have been impressed by gold's resilience recently, particularly the buying that comes in to support the market on any price dips. This supports our contention that the selling in gold has come to an end and the market will soon turn higher.
The market is no longer selling off hard on "gold negative" news, which is a clear sign of sentiment changing. A move above 1620 will see the shorts scrambling for cover.
Oil retested the support level yesterday and also bounced higher whilst the rally in the dollar has stalled at 82.50.
Today's video looks at yesterday's trading in more detail and the potential impact of today's news.
Gold moved in a tight band in early dealings before selling off on the release of stronger than expected jobs data from the US. The market found support at 1565 and rallied impressively to form a bullish "hammer" candlestick on the charts.
Gold looks poised to move higher from here, today's big news events are the central bank interest rate announcements and the weekly jobless claims data.
We have been impressed by gold's resilience recently, particularly the buying that comes in to support the market on any price dips. This supports our contention that the selling in gold has come to an end and the market will soon turn higher.
The market is no longer selling off hard on "gold negative" news, which is a clear sign of sentiment changing. A move above 1620 will see the shorts scrambling for cover.
Oil retested the support level yesterday and also bounced higher whilst the rally in the dollar has stalled at 82.50.
Today's video looks at yesterday's trading in more detail and the potential impact of today's news.