Safe haven flows into gold
Gold is trading at session highs, is up $29 and over 2% now as well.
The price is trading at the highest level since May 2013. The high has reached $1469.76. The May 2013 high at $1488 is the next target on the daily chart above. The 50% of the move down from the October 2012 high comes in at $1509.72.
On the hourly chart, the pair just moved above a topside trend line at $1468 (now just below that level as I type. Earlier the pair cracked the highs from Thursday and Friday at $1448 and the July 19 high at $1453.09.
Gold is the safe haven. If the dollar sells off as well, it should support the currency as well.
Looking at the 5-minute chart below, traders can watch the 100 bar MA at $1460.17 as close support.. Below that the 200 bar MA and trend line at $1454.15 is support now (and moving higher).
