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Gold buyers in control but need to shake off $1,500 for further upside extension


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The charts continue to show that gold is still looking buoyed


ForexLive

The near-term bias continues to side with buyers as price holds above both key hourly moving averages. That said, price has been consolidating a little over the past few sessions as buyers are struggling to extend a move beyond $1,500.
For now, the risk to any further upside move is the 100-hour MA (red line) @ $1,491.17. Fall below that and the near-term bullish bias will be broken.
In the bigger picture though:

The good run of form in gold looks to be continuing with last week’s close holding above the 50.0 retracement level @ $1,483.80.
That puts the $1,500 in firm focus now and a firm break above last week’s high of $1,510.46 may see gold find another leg to push higher from current levels.
Fundamentally, ongoing US-China trade tensions and global central banks continuing to ease monetary policy will keep the gold train going in the bigger picture and until that changes, I reckon gold will very much be a buy on dips play from this point on.

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