The price of gold started the day testing its 100 hour MA (blue line). After a modest bounce, there was another look at the MA level where buyers showed up again. Holding - and the lower dollar - has been the catalysts for the move back higher.
We are now up about $12.50 on the day or 0.9% at $1416.20. The high reached $1417.05.
Overall, the pair remains between $1382 below and $1439 above. There is closer resistance at the $1425 area.
ON the downside, that 200 and 100 hour MAs (green and blue line) are a key barometer for bulls and bears between the wider extremes. Stay above more bullish. Move belowi more bearish.
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