The price of gold is now attempting to punch through old horizontal resistance off the January 8 candle at $1,588.6/oz. This print was the highest made in nearly seven years and above here resistance points become harder to identify. The daily chart shows the price of gold propped up by the 20-day moving average, which now acts as support around $1,564/oz
AUD/CHF has completed its rise from demand to supply and continues to
show good signs of momentum to the upside. With this week including
Christmas and Boxing day, we don’t want to be too over-enthusiastic about
targets but should price break and close above the supply zone, movement
to 0.68400 seems like a probable outcome.