From my friend who has almost four decades as a professional technician:

Comex Gold * Feb ’17 Daily Continuation Charts | Thursday, December 29, 2016

Support 1116.5. Resistance, initially a close above 1188. Gold has put 4 consecutive up closes together with today’s gain the most prominent. The open gap on the Feb chart closes at 1163.7 ; that would add a confirming element to the opinion that the low on gold was scored the session in which an exhaust gap materialized.

The high since the gap was reached today is 1160.6, thus the gap has not been filled. (*It WAS filled the following day when Feb Comex traded up to 1164.30*) Last Friday’s (released December 23) CFTC numbers showed the net commercial position in gold as net short 125,316 contracts and delta weighted options. The previous week’s position was net short 143,081. The decline in percent from the recent peak reading is now down 66.3%. This places it into the range which accompanied similar large liquidations that were listed in a table in our last focus on gold.