The price of gold has cracked above the 1600 level for the 1st time since January 8. On that day, the price reached $1611.42. It was the highest level since March 2013.
Looking at the daily chart, the price has moved above the 61.8% retracement of the move down from the 2011 low at $1587.02.
Join down to the hourly chart, the price has moved above a topside trend line at the $1600 level. So there are a couple reasons for the that level being a barometer for the bulls and bears in trading intraday. Stay above is more bullish.
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