Gold strengthens on the weaker dollar today
A lot of key levels in dollar trades are being tested right now and gold is also one of them.
With the dollar losing ground on the day, gold raced up to a high of $1,700.10 – testing the confluence of near-term resistance levels from the key hourly moving averages.
The 100-hour MA (red line) @ $1,694.42 and the 200-hour MA (blue line) @ $1,701.64 are the two key levels to watch now as buyers try to seize back some near-term control.
Keep below those levels and sellers will retain a more bearish near-term bias. Move above that and buyers will make some good headway back towards targeting last week’s highs.