Market consolidates in a narrow up and down range this week
The price of gold moved higher on the back of the central banks headline that they would stop their gold sales.
That news did send the price back above the converged 100 and 200 hour MAs at $1421.75 area.
The price action this week has been up and down, in a relatively narrow trading range. The high was reached yesterday (Thursday) at $1433.84. The low was also yesterday at $1411.18. We currently trade between those extremes at $1422.89, just above the MAs. The high price on the news took the price to $1424.94.
The sellers had their shot yesterday on the break below the MAs, the trend line and in making new week lows. However, momentum could not be maintained. The wind was taken out of the bears/sellers sails.
The price is currently trading at the MA levels. Probably best to let the clock expire on the week and restart next week.