Yesterday, the NY stock market was closed due to the state funeral of former President Carter. The bond market had shortened trading hours, during which U.S. long-term interest rates fell. This was seen as an adjustment ahead of today’s release of the December U.S. employment data.
After forming a double top near 2720, prices stopped falling around 2580, which is where the support line of the rising channel is located.
Buying resumed afterward, and the price broke above the neckline at 2650. This confirmed that the upward trend is continuing.
Depending on the employment data results, it is expected that prices might again test the double top area near 2720.
Gold-Dollar Forecast Range: 2690–2600
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