Gold moves back above 200 day MA today

Technical Analysis

Author: Greg Michalowski | gold

200 day MA at $1229.57

The price of spot gold is up about $5-$6 today to $1224.15 and in the process is trading back above its 200 day MA at $1229.57 (green line in the chart below). The low today traded to $1228.31.    On Friday, the price moved back above but closed below the MA line.  Today, the buyers are staying in control above the MA line.  By the way, the price also moved back above the broken 38.2% retracement at 1230.86.

Going forward, stay above that 200 day MA and the bulls are more in control. The next target above (and key level), comes in at the 50 day and 100 day MAs at 1247.65 and 1248.01 respectively.  That should be a tough level to get above. So look for sellers against the level on a test. 

For now... the buyers are in control.