 Hello and welcome to the CBC Markets chart of the week video with myself David Madden, market analyst here at CBC Markets and today's date is Thursday the 4th of January and the time has just gone 12.15pm UK time and the chart we've got to look at this week is gold. Now first off the part, if you take a look at the price action of gold over the past 12 months we can see that it's been in a broadly upward trend. Even though the sell-off in December did manage to take out the October low, since mid-December the gold market has seen a decent rally and yesterday it managed to print a fresh 3.5 month high. Even though we've seen a bit of a pullback today, this slightly negative move we've seen today may be just a pause or a breather for we potentially see another leg higher on gold. Now if the positive trend from mid-December should continue, the next level to keep an eye out for to the upside might be 13.34, we saw a lot of consolidation and price action in around the 13.34 region here in mid-December and if 13.34 is taken out of the upside the next potential area for assistance will be the September high at 13.58 and if you go beyond 13.58, that might be looking towards 13.75, which of course was a high from July 2016. It is worth pointing out that the previous two Januarys have been positive months for gold, so we may see history repeat itself. So if you look at the price action on gold for the last couple of sessions we have seen a slight pullback, a bit of profit taking has taken place, but the upward trend since mid-December is still firmly in place and in upward trends buying on the dip is often a popular strategy, so if we do see moves lower than gold we could potentially see fresh buyers enter the fold. So move to the downside may apply support in around the 13.06 area which coincides with the late October high, also the 13.00 is a big psychological price, keep an eye out for that area there and then if you move south of 13.00 we may even find support at the 180 moving average which comes into play at 12.88, notice how the 180 moving average did manage to act as both resistance and support in late December. Then with the 15.00 moving average which comes into place at 12.76, notice once again we did see some both resistance and support play a role on the 15.00 moving average in late December. That's only if we see a decisive break south of the 20.00 moving average which comes into play in around 12.70 then we might start to get worried that the upward trend from mid-December is actually turning over on itself and if we do have a close south of the 20.00 moving average that could point to a fall back towards the December low of 12.36 and then south of that down towards 12.30 and you are going to be trading the gold market, it is worth pointing out that tomorrow is Friday the 5th of January so the United States will be announcing the non-farm payroll figures which of course could add volatility. Speaking of non-farm payrolls here at CMC Markets our non-farm payrolls webinar kicks off at 1.15 p.m. UK time so please feel free to sign up for that or watch the video afterwards. In relation to this chart this week that's all for me this week thank you very much.