Oil appears to have found support at the 61.8% retracement of the recent rally and is moving higher, supporting gold. Also, the dollar has found resistance around the 82.5 level and has stopped rallying for now.
The equity markets making new highs is taking much of the investment attention away from commodities in general and gold in particular.
The markets are focussed on the central bank interest rate decisions from the ECB and Bank of England tomorrow and the jobs data from the US coming in today, tomorrow and, most importantly, the key non-farm payrolls number on Friday.
Today's video looks at the trading of the past few sessions and where we expect the market to move to from here.