Trades at the highest levels since September 2013
The fell, and gold surged.
The precious metal is up aboue $23 dollars today and reached to the highest level since 2013. The high price came in at $1394.11 - within shouting distance of the $1400 level. In the process, the high from 2016 at $1375.34 and the 2014 high at $1392.33 was broken. We currently trade between those two levels. It will take a move below the $1375.34 level to sour some of the bullishness from the market now.
Drillling to the hourly chart below, the horse has left the barn, but the bearish barn's door was the 100 and 200 hour MAs (blue and green lines). When the horse (i.e. the market) could not push the price below those MAs with any conviction, it kept the bulls in control. Of course the Fed helped to push away yesterday. That trend was continued today. On this chart it will take a a move below the 38.2-50% retracement of the most recent surge to turn the tide even more from the bulls. That area comes at $1367.78 to $1373.99 (the 38.2% is near the 2016 high at $1375.34).
