Spot gold holds above the 100 day MA yesterda
Yesterday, the price of spot gold moved to a low price of $1848.80. That was just above the 100 day MA (blue line) at $1847.36. The holding of the MA line gave buyers the go ahead to step in and today we are seeing a rotation to the upside.
The price high has reached $1899.14. We currrently trade at $1897.80. A move above the $1900 would be another step in the bullish direction.
The 50 day MA is up at $1945.15. That MA (white MA line on the chart above) stalled falls going back to June. The price break earlier this month turned dip buyers against the moving average into sellers.
For now, good day for the precious metal helped by the 100 day MA bounce. Getting above $1900 is the next hurdle ahead, however.
