Dollar move lower helps the precious metal recover a bit in early NY trading. Techncial support helping as well

The USD has moved a bit lower over the last hour or so and that is helping to push the price of gold higher as well.

Gold rebounds off 200 hour MA

Also in the picture helping the rebound is that the price lows today fell below the 200 hour MA for the first time since February 14th, but could not get below the low from yesterday or the swing low from Feb 19th (see green circles on the hourly chart). The inability to extend at some support levels, has helped sellers turn to buyers and gave dip buyers a low risk area to buy against.

On the topside now, the 100 hour MA comes in at 1333.06. That MA was broken yesterday on the fall. I would expect some selling against the level on a test.

Looking at the daily chart, the high this week did extend to the highest level since April 2018, but fell short of a topside trend line. That trend line comes in at $1354 currently. ON the downside a trend line comes in at $1311. Those guardrails help to keep the bulls more in control but you can see the apprehension on the topside.

Gold on the daily chart remains in the channel