13 October 2016 at 12:37 GMT
Yesterday's low/bounce in Gold (Dec 16 Futures) came at 1251. This is a big Fibonacci level. We rallied from here to print 1263.5 overnight before some sellers showed up. We are just kicking off US "day session" trade with a bit of a dip. If this finds buyers in front of 1251 (as I expect) the chart hints that we can head higher, and once 1267.6 (the high after the Jobs numbers last Friday) is seen off we can look higher still, targeting 1283, 1292 and 1310.
This may well be helped if we see continued weakness in Equities and Bonds as per the last few days.
Below is my report to clients from this morning with charts and levels...