Up $8 on the day
The price of gold is moving higher on the back of a weakening dollar today.
Looking at the hourly chart below, the precious metal tumbled lower after the US GDP report (and initial run higher in the USD) but has reversed course and trades at the highest level since April 16th. At the low, the price did move back below the 200 and 100 hour MAs, but that was quickly reversed. There is a short covering going on.
The price has moved above the 38.2% at $1283.32 (of the trend move down from the April 10 high). The 50% of the same move is the next target at $1288.55. Close risk for longs would likely center on the $1280.95-$1283.32 area. The $1280.95 is the low from April 4. The $1283.32 is the 38.2% retracement.
