Back above the $1500 level
The price of gold has been consolidating above and below the $1500 level over the last couple days after peaking at $1510.46 on Wednesday. The highs on Thursday and today were lower.
Yesterday, the price fell on the back of less anxiety and a roaring/soaring stock market. However, the move down stalled at the 38.2% of the last trend leg highr from Tuesday's low at $1489.86 level. That is plain vanilla.
Today, the price was lower despite lower stock prices in Europe and the US. However, looking at the 5 minute chart above, the price is recovering, is back above the $1500 level and also looking to extend back above the 100 and 200 bar MAs at $1501.57 and $1503.30 currently.
Are we getting that flight into safety feeling again?
Technically, the price action is trying to do it, but buyers will be looking for that next momentum move away from the MA levels. We are sitting on the fence. It needs a push though.
PS Traders may also be keeping an eye on the stocks and bond yields to see if they can give their nudge by running lower.
