Traded to the highest level since April 27 but not by much . Above 100 and 200 hour MAs
The price of gold moved higher in trading earlier the day reaching a high price of $1723.13. That was good enough to take out the recent highs from May 1 and yesterday at around $1721.68. However, the rise stalled short of at around $1727, and the price rotated lower.
The current price is trading at $1709.33. That is down $6.63 or -0.39%. The next target comes in at the 100 and 200 hour moving averages at the $1703.17 to $1702.14 area. Staying above those moving averages keeps the buyers more in control. However the run higher yesterday, and failure to extend above the topside trend line today, is a balance to the bullish bias from being above its hourly moving average levels.
For the week, gold closed last Friday around the $1700 level. The low for the week reached $1676.81 early on Thursday. The high price was today’s high at $1723.13.
With the current price at $1709.62, the price is around $9-$10 higher from last week’s closing level. So that is a bit of a positive as well.
With the price below the downward sloping topside trend line and above the upward sloping trendline, the bias may be a little more bullish above the moving averages, but the tide can turn with a wiggle year, or waggle there. Next week, will start with traders once again looking for a shove in one direction or another.