Back above Mid August highs after correction lower.
The price of gold is pushing to new session highs. The spot price is currently trading at $1539.75 that’s up $12.56 or 0.83%. The high just take to $1540.07.
Technically, the price corrected yesterday after a gap higher opening. However, the price could not move below its 50% retracement of the recent spike higher on the hourly chart. That 50% level comes in at $1524.32. The low for the day reached $1525.78.
The last few hours of trading has seen the price moved back above its August 13 high at $1535.11. That level is now close risk for longs/buyers.
The high price from Monday reached up to $1555.07. That is now the next target if the close support at $1535.11 can now hold.
The US major indices indices are now trading in negative territory – giving up earlier gains. Also yields continue to move lower with the 2-10 spread getting more negative. That has led to some safe haven flows into precious metal.