Approaches to 100 day moving average
The price of gold reached a low of $1818.90 on Monday. The high price today just extended to $1896.26. The current price is around $1894. At the current level, the price is up around $75 for the week. That's a 4.1% increase from the low.
For today the price is up around $28.30 or 1.51%.
Technically, looking at the daily chart, the low this week stalled ahead of its 200 day moving average (green line in the chart above) currently at $1814.19. On the topside, the price is approaching its 100 day moving average at $1906.70. The price has not traded above that level since November 9. Should the 100 day moving average be broken, a downward sloping trendline cuts across near $1919 currently (and moving lower).
Drilling to the hourly chart below, the price of gold bottomed yesterday at the 200 hour moving average (green line in the chart below) and marched above the 50% retracement and 61.8% retracement of the move down from the November 9 high at $1865.22 and $1888.91 respectively. Those levels are close risk level for buyers. Stay above is more bullish.
The $1900 level is an obvious target above and was near the highs from November 16. That level and the 100 day moving average at $1906.70 on the next closest targets to the upside.
