What we know technically is the 100 hour MA did a good job of holding support
The price of gold is trading above and below unchanged on the day. The high for the day has reached $1916.59. The low reached $1183.13. I mean $1883.13. The price currently trades at $1904.
What we know technically.
Looking at the hourly chart above, the lows for the day in the Asian and the London morning session stalled near the 100 hour MA. The Asian low dipped marginally below the MA level but rebounded fairly quickly. The London low, stalled just ahead of that MA line. The 100 hour MA is a key technical level going forward. It is currently at $1887.76 (and moving higher).
On the topside, watch the $1910.61 to $1914.63 area. That is home to a number of swing areas going back to mid-October. At the high today, the price did peek above the area to the high at $1916.59, but reversed lower.
In between those extremes is the 50% midpoint of the move down from the October 21 high. That level comes in at $1895.71. The North American session low stalled just ahead of that midpoint level. Stay above tilts the bias in the direction of the buyers for traders.
