Gold yesterday, tested the 38.2% and 200 hour MA (green line) and held. The fall took the price below the 100 hour MA (blue line). In the NY session, the price has been able to stay above the 100 hour MA and the price is now extending higher. The 200 hour MA looms above at the 1165.49 level. The 38.2% comes in at 1179.01. DO you smell a short squeeze? Liquidity is lighter than normal so be aware. The range is not huge but the price action is positive.
The dollar is falling in the last few minutes of trading, helping to contribute to the move higher.
Gold moving to new day highs. 200 hour MA eyed.
