Based earlier against the 100 hour MA earlier. Trend line eyed
The price of gold has been trading up and down over the last couple of days. The high reached $1285.86. The low from yesterday reached $1277.10. The lows both yesterday and today, were able to find support buyers near the 100 hour MA currently at $1277.70. Staying above that MA (blue line in the chart below), tilts the technical bias more to the upside and indeed the price moved higher.
ON the topside there is some topside resistance looming. A topside trend line comes in at $1285.50 currently and the high from yesterday reached $1285.86. Those are the next targets for the bulls to get to and through IF the pair is make a further move higher. Above that is the 50% at $1288.55. Last week, the high price stalled near that 50% midpoint level (high reached $1288.76). Those are the key targets now.
The question now for traders is can the $1285.50-86 area be breached and open the door for further gains?
What suggests the road might be dificult is the USD is mixed today and if anything a little stronger. Gold tends to rise with a lower dollar, and fall with a stronger dollar. The mixed picture today suggests gold may continue the waffle and may not be ready for a break just yet.