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Hugo in HTO Trading,

Gold: Holding at 2014 low

Since the beginning of the year the commodity gained more than 6.0% however last week traded flat with a minor loss of 0.17% and is in a bearish phase since mid-November.

Last week the precious metal went back and forward without any clear direction and closed in the middle of the weekly range, in addition managed to close within the previous week range, which suggests being clearly neutral, neither side is showing control.

The stochastic is showing an extreme oversold market however is still displaying bearish momentum.

Expecting an upward move to the upper band of the weekly support at 1,177.76 (scenario 1) on a break above the previous week high at 1,142.25 although a break below the previous week low at 1,125.73 may push the precious metal further down to another weekly support at 1,085.85 (scenario 2).