Gold has come to life, moving back above the $1600 level.  The 1600.60 is the 61.8% of the move down from the June 19th high. The price tested this level on a number of occasions on Friday, and closed above it on only one hourly bar (that was more of a failure on the break higher though – see chart above) .  A close above this level in the current hour would be bullish.

The $1618.51 is the next key target above, followed by 1627.22  –  38.2% of the move down from the 2012 high in February (see daily chart below).