The 100 day MA at $1895.12
The price of gold followed the USD yesterday. The dollar fell (was the weakest of the majors) and in the process, gold rotated higher. Realization of a Biden victory. It seems that way.
Technically, the price reaction tilted the bias more to the upside on the break back above it's 100 day MA (blue line in the chart above). That MA comes in at $1895.12 today. The current price is trading around $1913. Stay above the 100 day MA and buyers are in control. The level is now risk for longs.
On the topside, the pair is testing a topside trend line at $1913.06. Getting above that level is more bullish. The highs from September came in at $1931.38 on September 21, and $1933.28 from October 12.
Drilling to the hourly chart below, the price is extending above and away from its 100 and 200 hour MAs in trading yesterday. Bullish. The 200 hour MA comes in below the 100 day MA at $1895.12 at $1893.58. That MA will be a confirming level on weakness in the new trading day That is, get below 100 day MA AND the 200 hour MA gives sellers more confidence and more control.
The highs from September show the apprehension of going higher. It will take a move above that ceiling in the $1931 to $1933 area for the bulls to take more control.
For now, buyers are in control.
