Go for Gold(fields)!

Just a follow up on my 12 November GoldFields call. Click to see that call:

So we ended up testing that R127 support level and for now, it held up quite nicely. Seems like the Gold Price is somewhat oversold and the US Dollar Index (DXY) is still dropping like a rock.

With today's break and close above the ultra-short-term 8-day Moving Average (EMA), I'm getting a lot more excited, with the next resistance level at R153 looking quite reachable. Should we see a break and close above that level, could place us back into the falling wedge, with R173 then becoming my next target.

R205 still remain my short-term target on GFI. If you follow a stop-loss strategy, I would recommend looking at R123.50.