Bulls take more control
The price of gold is up about $14 on the day and in the process has shifted the bias more to the upside technically.
Looking at the daily chart below, the price today cracked above the 100 day MA at $1297.13. Now it was above that moving average earlier in the month for a few days, but failed and rotated back down. So there could be another failure, but until then the bulls have the edge.
Also, the contract moved above the earlier May high at $1303.41 today. The price is a little below that level. Getting back above will be eyed by traders today, and if so, would increase the bullish bias.
Gold has been immune to the global anxiety for the most part. The dollar strength has helped to create a lid to the moves higher (see dollar index chart below).
However, if the dollar starts to rollover on thoughts the Fed is behind the curve, that could help to give the price of gold more of a boost.
