Technical Analysis

Gold higher as USD falls.

100 hour MA stall point at lows. Gives buyers a reason to buy

The price of gold started the day testing its 100 hour MA (blue line). After a modest bounce, there was another look at the MA level where buyers showed up again. Holding – and the lower dollar – has been the catalysts for the move back higher.

We are now up about $12.50 on the day or 0.9% at $1416.20.  The high reached $1417.05. 

Overall, the pair remains between $1382 below and $1439 above. There is closer resistance at the $1425 area.  

ON the downside, that 200 and 100 hour MAs (green and blue line) are a key barometer for bulls and bears between the wider extremes. Stay above more bullish. Move belowi more bearish.  

ForexLive

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