Last week we said: "Is gold bouncing? It looks like the precious metal is in a bounce phase continuation since the lows right below 1150$ and is now on the verge to start a second leg up (see price rejection at 1185$) in case the price would gather more momentum it could go to 1212$ in a first time and even higher to 1221$ ultimately. To the downside, 1185$ is a pretty key support and in case it is broken then the price would reach 1170$. Our bias for the week is slightly bullish."

Last week trading activity on precious metal was discontinued due to public holiday on Friday and precious metal trading was closed. NFP numbers published on friday triggered a strong move which resulted on a bullish opening gap on Sunday. The strong resistance at 1222$ has been clearly under attack but held firm so far as the price closed the gap. As long as the price remains above 1200$ the bullish picture remains intact, in case of breakout above 1222$ resistance we could see a sustained directional bullish move with a target found at 1250$. Our stance for the week is bullish.