Gold recap for 08.01.2016
Gold broke yesterday the range mentioned in the past post on the US data and it broke upwards. Price made a high at 1112.861 and closed at 1104.151 right on the pivot point. If momentum remains and bulls remain in control a possible test at 1115.674 is likely to happen. Keeping up, price will test 1122.316 and 1134.468.
On the downside, if the price slips in the upcoming week we can expect the price to test 1096.880 and 1084.728. A considerable effort will be required from the bears to push the price again bellow 1080 and test the strong buy zone at 1066.550 again.