Would be the 5th consecutive up day

Gold has recovered earlier declines which saw the price dip back below the 200 day moving average at the 1175.44 level (green line in the chart below). The low for the day came in at 1173.51.

The move back higher takes price above the closing level from yesterday at 1183.77. A close above that level would be the 5th consecutive up day for the precious metal.

On the topside, the pair has resistance against the 50% retracement of the move down from the January 2015 high. That level comes in at 1189.07. Both yesterday and today the price traded above that level, but on each occasion the break failed. A move and close above this level should solicit additional buying.

The move higher today also brings Gold above the closing level for 2014. That level comes in at 1184.37.