Gold has dropped sharply as optimism about the health of the US economy is ill placed. Last Friday's NFP report, which came in better than expected, did little to change that. US consumers are not spending and the trend continues to worsen. Watch out for a potential 'official' recession as the Q2 GDP report will roll in after this month.

I have added to my long position in Gold in order to hedge my forex portfolio and think there is plenty of upside in this commodity throughout 2015. A breakout above its current support level is likely to result in a short-covering rally which you do not want to miss out on.