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Hugo in HTO Trading,

GOLD: Started the year on a positive note

The commodity started the year with a gain more than 3.5% and is in a well-established recovery phase since the beginning of January 2016.

Last week the Gold rallied with a wide range and closed near the high of the week, also closing above the previous week high, suggesting a strong bullish momentum.

Stochastic is showing a strong bullish momentum although is still below the 50 mid line.

Expecting an upward move to the high of the downward channel at 1,145.00 on a break above the previous week high at 1,113.09 (scenario 1) or a retracement to a weekly support at 1,085.85 may push the commodity up to a weekly resistance at 1,131.65 (scenario 2).