but the day is not over
The price of gold cracked higher last week and in the process was able to extend above the $1214.35 ceiling that has contained the rallies over the last few months (see red box and red numbered circles).
That level was tested on Friday at the lows (low reached $1215 and bounced). That's bullish.
The price action today moved to a new high going back to July 26th and in the process moved above the 100 day MA for the first time since April 30th. That should have been bullish and the price did move to a day high at $1233.33, but has since moved back below the key MA level.
There is still time in the day, to get above and close above that 100 day MA, but the failure could also give sellers (either profit takers of outright sellers) a reason to lean against the MA level.
