Gold for the Weekly Close 02/06/2015

Gold peaked on our target week at the 1307 level failing to get through the first line of key resistance at 1310 intraday. Gold also failed to close above 1298 on a weekly basis. Today, the key support lies at the 1226 level and a weekly closing beneath this area is require for the break. Keep in mind that volatility should start to rise for the next two weeks and we see turning points targeted for the weeks of 02/16 and 03/02. Everything else remains on track.