Also moving away from the 200 hour MA
Rates are lower and that is helping the price of gold move higher. The US 10 year yield is currently trading at 0.736%. That’s down nearly 9 basis points on the day.
Technically, the price of the precious metal moved below the 200 hour MA at $1715.23 initially, but quickly reversed higher. The pair then moved above a topside trend line at $1734.19, and traded to a new day high at $1738.86 (trading at new highs as I type). The next targets come in at the $1745 area. The high from June 1 was $1744.69. The swing high from June 2, reached $1745.40.