A bullish consolidation is in play, and the target is a closing price of $3650. An intraday high of $3700-$4000 is likely to be hit as gold breaks out and begins to rally.
If you look at gold, you're not down a lot. You're down for the week, $22 or about 0.7% in the market. The market is in a corrective pattern, and momentum is no longer oversold.
Shares jumped as much as 18% in Hong Kong before closing up 15% at a record high. The company, which is undercutting LVMH and Cartier to attract customers, is gaining investor attention.
Gold was up 1.6% despite the drop of 0.9% this past Friday after the stronger-than-expected job numbers. Gold is up as the U.S. dollar continues its downward trend.
