Technical Analysis

Gold trades near highs for the day

Moves away from the $1300 level in the process

The price of gold is trading up $8.30 or 0.63% at $1305.69. The precious metal has a high at $1306.64. The low was down at $1292.50.  The pair is moving away from the $1300 level.  The price moved above the $1300 level in the early London session, and has been able to remain above since the break..  

The next target off the hourly chart is the 61.8% of the move down from the March 25 high at $1307.94. Risk for traders now is the 50% midpoint of the move down from the March 25 high at $1302.79. That level has also held support on the last dip, increasing the levels importance. Stay above is more bullish. Move below and a retst of the $1300 would be expected. 

Taking a broader look at the daily chart, the $1314 level is a topside trend line on more upside momentum.  The bulls got a boost last week from the holding of the March lows at $1281.  Holding that level, gave buyers more confidence and scared shorts into covering. 

Gold on the daily chart targets $1314 trend line


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