Gold has taken off to the upside in the last 20 minutes – breaking above the 200 hour MA and the high for the day in the process. This breakout area is now support (at 1650-1654). The pair bottomed near the 100 hour MA (blue line in the chart above). The price had actually fallen below this MA level and the 50% retracement (see chart above at 1633. 28), but could not sustain momentum. It seems the failure to develop downside momentum, may have contributed to the bid higher off the lows. There does not seem to be any news that explains the sharp move higher.