MA will be remembered for the bounces on dips…
The price of gold is trading down $-9.08 at $1514.21. The low price extended to $1503.77. The high price reached $1528.10 today.
At the session low today, the price stalled at its 200 hour moving average (green line in the chart below). On Tuesday, its low also approached the 200 hour moving average and found buyers.
With two tests of the MA holding this week, traders will remember that MA going forward. Stay above is more bullish. However on a break, look for buyers to turn to sellers (i.e., look for stops being triggered).
For now, however, the buyers remain in control. The price is currently moving just above its 100 hour moving average at $1513.36. If the price can now move above – and stay above – it would increase the bullish bias for the precious metal.