Bitcoin down, gold up?
The price of gold is trading up about $5 on the day and in the process has moved back above its 200 day MA. Is there a flow out of bitcoin, into gold? I don't know if that connection can be made, but I am sure someone might think that. The USD is actually a bit higher on the day, so you can't point to a lower dollar for Gold's rise. Stocks are down a little and yields are little changed too.
In any case, the price has moved above the key MA at $1269.82. The current price is trading at $1271.80. Stay above the 200 day MA, keeps the bulls in more control. Move back below and the move higher may be discounted as "holiday flows".
On more upside momentum, a trend line cuts across $1279.50 on the daily chart. The 38.2% of the move down from the 2017 high of $1357.61 comes in at $1282.79. The 100 day MA is at $1286.45 today. Those are the upside targets on continued bullish sentiment.
Buyers making a play back above the 200 day MA. We will see if they can keep the momentum going as the day progresses.
