Is this THE bullish push that will get the contract out of the up and down range
The price of gold moved lower into the NY session, but then rebounded higher. A lower dollar helped, but also a contributor to the run higher was the holding above the 100 hour MA (blue line in the chart below). The 100 hour MA currently comes in at $1414.29. The low today reached $1414.73. At the time of the test, the 100 hour MA was at $1413.60. The price got close. Buyers leaned against support on the dip, and the sellers turned more to buyers pushing the price up.
Now what?
The rebound has stalled ahead of the high from the Asian session at $1430.23. The high in the NY session reached $1429.54. It will take a run above the high to push higher. However, if done, the July 3 high at $1437.88 and the June 25 high at $1439.21 will be targeted.
Above those highs and the precious metal willl look toward the 50% of the move down from the 2011 high at the $1483.80 (see daily chart below) as the next key target.
