After selling off in the morning yesterday, gold found support around 1603 and rallied back up to 1617 and has continued to drift higher this morning.
Although the trading volumes are very light, the pattern of higher lows is bullish and it looks as though the market is heading for a retest of 1630.
If this level can be overcome, a decent rally should be forthcoming, with resistance at the 200 DMA and the upper boundary of the large Wave 4 triangle above this.
Today's video looks at the position of the gold market in more detail and our trading strategy.
Although the trading volumes are very light, the pattern of higher lows is bullish and it looks as though the market is heading for a retest of 1630.
If this level can be overcome, a decent rally should be forthcoming, with resistance at the 200 DMA and the upper boundary of the large Wave 4 triangle above this.
Today's video looks at the position of the gold market in more detail and our trading strategy.