If it is going higher, that needs to be broken.
The USD is mostly lower with gains only against the CHF now. Despite the declines, the price of gold is lower on the day. The precious metal is down about -$6 or -0.47% at $1292.09. The pair is trading near the session lows. Typically, if the dollar goes lower, the price of gold goes up, but not today.
Why?
Technicals may be coming into play.
Looking at the hourly chart above, the highs over the last few days have found willing sellers against the 200 hour MA (green line in the chart above). That MA comes in at $1297.92 currently. A move above would tilt the bias more to the upside technically. Absent that, sellers against the level above, may be looking to target the rising 100 hour moving average currently at $1289.79 (blue line).
Dollar is down, but gold is following the clues from the charts. Look for support buyers on dips toward the 100 hour MA with stops below.
