Holding of the 100 day MA gives a boost
Late on Wednesday, gold prices tested the key 100 day moving average and found support buyers (at the 1217 area).
In yesterday's up-and-down trading session, the price low came in at 1219 50 area - a few dollars above that key 100 day moving average.
In today's trading price has continued a modest move to the upside with the price now above the 100 hour MA (blue line in the chart above)for the first time since February 5. Stay above this MA and a move toward the next targets at the 1237-39 area will be eyed. If the price should move below the level, the limited upside momentum we have seen off that key 100 day MA, should start to fade away. For the time being though, more corrective mode for the precious metal.
