Gold recovered on Friday following the Trump Inauguration due to US$ weakness but also possibly, as is being reported, due to some uncertainty surrounding Trump policies. The metal closed the week above the key $1,200 level which augers well for continuation but here is what I’ll be watching for in coming sessions.

Gold monthly: The monthly chart still shows Gold consolidating in a Flag pattern:

Gold weekly: This chart, too, shows consolidation. Note how price is butting up under the resistance of the weekly Ichimoku Cloud. The last four weeks has seen Gold rise fairly steadily but this resistance could introduce some choppiness for any further bullish activity:

Gold daily: this chart shows that the following levels remain as the key ones to watch near and above current levels:

• $1,200 as long-term S/R.
• $1,220: long-term S/R but also the intersection of a descending wedge trend line.
• $1,280: the daily chart’s 61.8% fib and, thus, a target for any bullish continuation move.

Note also how price is in the bottom of the daily Cloud suggesting, here too, that any future bullish price action could be a bit choppy:

Gold 4hr: Price action is forming up within another triangle on the 4hr time frame so watch for any uptick with the ADX and trend line breakout to gauge the next move with Gold. Any bearish breakdown will have me looking, in the first instance, to the 4hr chart’s 61.8% fib down near $1,160. Price is above the 4hr Cloud for now:

Summary: Watch the 4hr chart’s triangle trend lines for any momentum-based breakout:

• Bullish targets above $1,200:
  • $1,220: also long-term S/R but also intersection of descending wedge trend line.
  • $1,280: the daily chart’s 61.8% fib and a target for any bullish continuation move.

• Bearish targets below $1,200:
  • $1,160 as the 4hr chart’s 61.8% fib.