Gold again held onto its gains yesterday and looks poised to resume its move upwards, with the first target the 50 DMA and last swing high at 1694.

Gold has now closed above its 200 DMA for three sessions in a row and continues to make a series of higher lows and higher highs.

The 20 DMA is starting to curl upwards from 1665, the MACD is positive and RSI continues to favour the bulls.

A consistently strong oil price, now above $94 a barrel, and a weakened dollar are also helping gold to stabilise and move higher after the recent correction to 1625.

For our subscribers at www.goldtradingexperts.com, today's video looks at yesterday's price action and candlestick formation in more detail and our targets for this rally.

After breaking through the upper boundary of the triangle consolidation yesterday, gold held onto its gains and traded around 1680-1685 all day.  This morning, gold has found support at 1678 and looks poised to build on yesterday's gains and move higher.

Gold has closed above its 200 DMA at 1662 for the last two sessions - this level now becomes support, along with the 20 DMA at 1665.

With momentum rising, the down trend broken and the price above the key 200 DMA again, the bulls will be gaining in confidence as the 1625 spike low looks more and more like the low for this correction.

A break above 1703 will confirm for us that this is the case.

For our subscribers at www.goldtradingexperts.com, today's video looks at yesterday's price action in more detail, our targets for this rally and the strategy for our current trade.

This morning, gold has convincingly broken through the upper boundary of the triangle that we identified yesterday, trading as high as 1684.

We have commented over the past couple of days that the momentum appeared to be slowly moving back into the bull camp, even though we are still in a 3 month old down trend.  If gold can sustain the break of the triangle to the upside, our interpretation will be confirmed and the down trend will be broken.

It is crucial that gold holds onto these gains and closes above the upper boundary of the triangle - should this happen as we expect, 1694 is the next price target, followed by 1703.  If the market can break this resistance area and move higher, the Wave C bottom will be confirmed at 1625.

For our subscribers at www.goldtradingexperts.com, today's video looks at the triangle consolidation in more detail and the signs that momentum is moving to the bulls camp.

After a rollercoaster ride on Friday, gold finished the session around mid range at 1663.  The 200 DMA is currently at 1663 and this area is clearly a battleground for the bulls and bears.

The bulls will be disappointed that there was a lack of follow through buying after Thursday's strong showing, though will be heartened by the recovery off the session lows at 1653 and the subsequent follow through strength this morning.

Gold looks to be attempting to form a base above the 1625 spike low on 4 Jan and has formed a series of higher highs and higher lows since, in what appears to be the start of an up trend.

However, the strong down trend of the past 3 months still dominates and, until the market can break out above last weeks highs, the new up trend will not be confirmed.

For our subscribers at www.goldtradingexperts.com, today's video looks at Friday's trading action in more detail and our targets for this newly forming up trend.

Gold powered higher yesterday on the back of a weak jobs numbers out of the US, a tumbling dollar and sharply higher crude oil.

The market reached a peak of 1679 last night before falling back a little overnight and is currently trading around 1669 after finding support at the 38.2% Fib retracement of the rally at 1668.

Importantly, gold has broken through the 200 DMA and closed well above it, we need to see follow through buying today to confirm the breakout and give a bullish weekly candlestick.

The price action yesterday highlights the increased importance the market now gives to jobs data from the US, following the statements that a target rate of 6.5% unemployment would see the end of quantitative easing.

For our subscribers at www.goldtradingexperts.com, today's video looks at the breakout in more detail and identifies our price targets for this rally.

After failing to hold onto its gains after breaking through the 200 DMA at 1662 yesterday, gold saw some mild selling pressure and a test of 1650.  The market recovered well from that level and is currently trading around 1661, just below the 200 DMA.

Gold continues to regroup after the sharp sell off last week to 1625 - it appears more and more likely that this will mark a bottom of sorts.  A break above yesterday's high at 1666 and in particular a close above the 200 DMA will provide further evidence that this is the case and a break above 1694 and 1703 will confirm the bottom is in for this correction.

Alternatively, a break of support at 1640-1642 suggests a retest of 1625 is on the cards - if this level gives way, 1575-1585 and 1525 come into play.

The macro economic environment, with governments around the world stimulating economic activity through quantitative easing and other measures coupled with negative real interest rates, continues to be favourable to gold and, until this changes, the bull market in gold will remain intact.

For our subscribers at www.goldtradingexperts.com, today's video looks at the price action from yesterday in more detail and the resistance levels above.

Gold moved in a narrow range for most of the day yesterday, within the range of the previous session, before moving higher in the afternoon session to test the 200 DMA at 1662.

Overnight, gold has continued to rally and is currently trading around 1664 after breaking out above the 200 DMA.  There are a number of areas of resistance above, namely 1668-1672, the falling 20 DMA at 1675, the trendline at 1677, the 2 Jan high at 1695 and the 18 December high at 1703.

However, the move above 1662 gives us further confidence that the 1625 low could be the Wave C low we have been waiting so long for.

For our subscribers at www.goldtradingexperts.com, today's video looks at the price action of the last few sessions in more detail and our reasons for concluding that 1625 could be the Wave C low.

Gold failed to follow through on Friday's bullish "hammer" candlestick yesterday, trading in a $20 range with the 200 DMA at 1662 providing resistance and 1642 providing support.

If we see follow through buying in the next session or two, this will go a long way to confirming the bottom at 1625 and the end of Wave C, however the price action this week has not been encouraging in this regard and, until 1662 is broken, the probability of further declines and a retest of 1625 remains high.

Sentiment for gold is overwhelmingly bearish at present, which could be viewed as a bullish contrarian indicator and the huge volume that accompanied the "hammer" candlestick on Friday is another bullish signal.  There is also bullish RSI divergence on the daily chart from the 21 December low.

As usual, we will wait for the charts to tell us the way forward - for our subscribers at www.goldtradingexperts.com, today's video confirms our strategy for our next trade.

After tumbling to its lowest level since August on follow through selling after the release of the FOMC minutes, gold found support at 1625 and rebounded strongly in the evening session to close above 1650 on Friday.

This price action formed a large bullish "hammer" candlestick on the daily chart, though we want to see further confirmation before declaring a bottom is in, as the pace of the decline from 1695 will have rattled the bulls somewhat and the chart remains very weak and vulnerable to further declines.

The recovery rally was stopped by the 200 DMA and the 50% Fib retracement of the sell off this morning - if the market sells off back below 1640, the hammer candlestick will be invalidated and further declines look much more likely.

However, a rally through the 200 DMA would be evidence that a bottom was in and higher prices ahead.  Overall, the market looks weak and we see further falls as the more likely outcome at this point.

Gold drifted lower for most of yesterday, though the publication of the FOMC minutes suggesting an early end to quantitative easing saw the selling pressure increase, with gold falling incessantly all the way down to key support at 1635.

If gold can hold this critical level, then a "triple bottom" will be formed on the daily charts, though a breach will suggest that further selling is to follow.

The pace of the decline from the peak at 1695 is very concerning for the bulls, as the entire rally from 1635 has been retraced in just 36 hours.

For our subscribers at www.goldtradingexperts.com, today's video looks at our strategy for our next trade and our expectations for the following trading sessions.