5 minute chart gave technical clues for gold traders
The price of gold is just moved to New York session highs at $1472 area. Earlier in the day the high price extended up to $1474.93 before moving down to a low price of $1456.54.
Looking at the shorter-term five minute chart above, the low price today stalled at a lower trend line after breaking below its 100 and 200 bar moving averages (blue and green line). That trendline held three other times (at higher levels) today (see red circles). More recently, the 100 bar moving average (blue line), held support.
So buyers on dips remain in control for the precious metal. It will take a move back below the 100 bar moving average and trendline at the $1464 level now to weaken the technical picture, and give sellers a little more control.
Taking a broader look at the daily chart, the price next target the 1488 high price going back to 2013 swing high. The 61.8% retracement comes in at $1509.72.
