Technical Analysis

The moved above and stayed above the 200 hour MA

The price of gold has moved up strongly today with the price currently trading up $26.21 or 1.43% at $1853.56. 

The move to the upside was started yesterday after the price low stalled ahead of a swing area near $1817.78.  The rise today has seen the price extend above the 100 hour moving average at $1836.86 and the 200 hour moving average at $1843.87.  

The initial run to the upside reached a high price of $1855.43.  After a correction back down toward the 200 hour MA (green line) and holding, the price is moving back higher and looks to test that earlier day high.  

A move above would have traders targeting the 50% retracement of the range since the November 9 high. That level comes in at $1865.22.  

Risk remains at the 200 hour moving average.  Stay above is more bullish.

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