Gold higher as USD falls.

Technical Analysis

100 hour MA stall point at lows. Gives buyers a reason to buy

The price of gold started the day testing its 100 hour MA (blue line). After a modest bounce, there was another look at the MA level where buyers showed up again. Holding – and the lower dollar – has been the catalysts for the move back higher.

We are now up about $12.50 on the day or 0.9% at $1416.20.  The high reached $1417.05. 

Overall, the pair remains between $1382 below and $1439 above. There is closer resistance at the $1425 area.  

ON the downside, that 200 and 100 hour MAs (green and blue line) are a key barometer for bulls and bears between the wider extremes. Stay above more bullish. Move belowi more bearish.  


Products You May Like

Articles You May Like

Gold bounces off the 200 hour MA two times this week
EUR/USD holds near 1.1100, what are the key levels to look out for this week?
Housing and consumer sentiment are on the US economic calendar
JP Morgan: Don’t buy the dip until September
Aussie jumps as jobs data beats estimates

Leave a Reply

Your email address will not be published. Required fields are marked *