Spot gold up near $31
The price of spot gold is going out BY making new highs. The current price is up $31 or 1.69% at $1871.28. The high price just reached $1871.77. The low price today was at $1832.57.
Looking at the daily chart above, the price is trading at the highest level since January 8 and looks toward the 100 day moving average of $1885.17. If the price can move above that moving average (and it did move above earlier this month), the bias would turn more positive.
Earlier today, the price extended back above its 200 day moving average after trading above and below it over the last 8 or so trading days. If the price can stay above the 200 day moving average currently at $1845.51, it would keep the buyers in play.
The move to the upside was helped by a lower USD today. The USD fell against most of the major currency pairs with the exception of the EUR (+0.20%) and the CHF (+0.11%). The strongest currency today was the CAD followed by the NZD. The weakest was the EUR followed by the CHF and the USD (see the rankings below).
