 Hello and welcome to the chart of the week video with me David madden today's date is Wednesday the 30th of January 2019 and the time has just gone 1202 gmt this week's chart of the week is gold The gold market has been pushing higher for many months now It began its bounce back in August, but really since about mid November last year the gold market has been making a very Very very large move to the upside and in fact today the gold market hit a fresh eight-month high If you take a look at the Makti indicator the Makti Instagram down here We can see that in the last few sessions as it goes in as imprinting Fresh multi-month highs we can see that it has been a clear swing from negative momentum to positive momentum And it's actually an increase in positive momentum So the steady increase in positive momentum confirms the upward move we're seeing in the underlying gold market So essentially the markets moving higher and the momentum is clearly with the bulls So if the market does manage to push on higher from here Keep an eye out for the mid-may high of 1236 I'm sorry apologies. Yes, sorry 13 26 1326 this area here and if you go beyond that keep an eye out for 13 35 These are levels we could see gold targeting in the near term should the positive move continue And even if gold does manage to have a bit of a pullback We could see fresh buyers enter the fold because over the last number of months as we can see here Buying on the dip has been a very popular strategy So the gold market does manage to pull back a bit We could find some support coming to play in around this area here in around the psychology important 1300 level and even if you drop below 1300 as well as we hold above this region here 1276 is likely or it's more likely we could see the the gold market Continuous wider upward trend if you do see a break below 1260 apologies 1276 this area here. We could see the gold market drift back towards This region here at 165 and drop below that could suggest we're heading back down towards it 1250 area this price act with this price area here Which isn't too far away from the tour of the moving average which comes into play at 1246 If you are going to be training gold, please keep an eye out for the Federal Reserve meeting today at 1900 GMT and 1930 GMT will have the press conference from the Federal Reserve. No change is expected to the interest rate but traders will be listening out for this for the press conference and Assessing the language of the Federal Reserve and in recent weeks the feds have kind of moved away from previously hawkish commentary to a more kind of Neutral to kind of slightly dovish commentary and kind of sit-and-hold Style type commentary from the from the US central bank. There's a fairly strong inverse relationship between the US dollar which is fueled by the perception of US interest rates and the gold market and in recent weeks and months as As gold as gold is risen. We've seen the US dollar Drift lower. So if the product if the Federal Reserve continued to give their less than hawkish a bit more kind of neutral position and and Given indication, we're not going to see any interest rate hikes In the medium in the kind of short to medium term That's likely to kind of keep pressure on the US dollar Which in turn is likely to kind of help gold move higher Just before I go if you have any comments to make on this video or any of the other videos We make here at CMC markets, please feel free to leave review on Google piece. Thank you very much