Back above $1300

The price of gold moved higher on the back to the increased geopolitical risks from the cancelling of the US/N. Korea summit and potentially more risk from China trade.

Technically, the price action took the price back above the $1300 level today, the 50% midpoint of the move up from the December 18th low. However, the pair stall just short of the 200 day MA. That MA (green line in the chart above) comes in at 1307.62. The high for the day reached $1306.69. We currently trade between the $1300 level and the MA at $1304.94.

Overall, the move higher today and move back above the 50% is a positive/bullish sign, but if the momentum is to continue higher, getting back above the 200 day MA will be eyed and required.

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