Looks toward the September lows...
The price of gold has rebounded as the dollar reversed lower after the ISM. US rates are also lower now, which is helping to support the precious metal. The 10 year yield was up about 6 basis points earlier. It is currently down -4.6 basis points. The 2 year is now down -8.5 basis points to 1.538%. The high yield reached 1.6779%.
Technically, looking at the hourly chart the price moved up toward teh swing lows from September 11 and September 18. They come in at $1483.49 and $1484.65. The price just moved to a new session high at $1484.90. If the price can continue the move above those levels, the 38.2% retracement of the move down from the September 24 high comes in at $1488.44 and the 100 hour moving average is up at $1493.93 (those are the next targets).
The bulls are looking to take back more control in the precious metal after the recent tumble lower from the $1535.73 hi from last week.
Taking a broader look at the daily chart, yesterday the price of gold fell below a consolidation area going back to early August. The price is currently moving back into that consolidation area (the low from August was at $1480. Keep an eye on that level for support now. If it can hold, the bull run can continue (a move below muddies the water a bit).