Technically, February Comex gold futures prices have made a good rebound from the late-December low and hit a fresh four-week high overnight. Prices also pushed above what was solid near-term technical resistance located at the $1,643.70 level. A two-month-old downtrend line on the daily bar chart has now been negated and prices have also moved above 200-day moving average. Bulls' next upside technical breakout objective is to push prices above psychological resistance at $1,700.00. Bears' next near-term downside price objective is closing prices below solid technical support at $1,562.50. First resistance is seen at $1,650.00 and then at $1,670.00. First support is seen at the overnight low of $1,630.80 and then at $1,620.00.

From Kitco,

G.