Spot Gold Eyes for 631.95

Spot Gold has continued to rally following the break of channel resistance last week.

Momentum conditions remain constructive and the positive backdrop provided by these indicators support the bullish set-up that has developed.

Continued gains would pave the way for strength towards 631.95, the 61.8% retracement of the 676.35 to 560.13 decline with the Sep 5 high slightly higher at 640.60. The 76.4% retracement is located at 648.92.