Spot gold up $26
The price of gold has moved higher today helped by the after close announcement last week that Warren Buffett had invested into Barrick Gold in the 2nd quarter. The price of Barrick Gold is trading up over 10% at $29.84
For spot gold it is trading just off the high levels $1971.46. That's up $26.34 on the day.
Technically, the price today moved above its 100 hour moving average (blue line currently at $1938.59). The price more recently has moved above the 50% retracement of the corrective move to the downside from the August 7 high. That level comes in at $1969.31.
On more upside momentum, the pair will target the swing highs between $1981 and $1988. The 200 hour moving average currently comes just above those levels at $1989.28. The price tumbled below the 200 hour moving average last Tuesday and momentum to the downside increased. A move back above that moving average level would be more bullish.
