The 50% retracement held support yesterday
The price of gold has pushed back above the hourly 100 and 200 hour MA levels. The pair based against the 100 hour MA on the last dip which has helped the bullish bias.
On the topside from the chart, a topside trend line cuts across at $1719.88. A move above that level would have traders looking toward the high from April 16 at $1738.40. The high from April 14 reached $1747.36.
The risk are the moving averages below. If the 200 and then 100 hour MAs are broken, that takes the wind out of the bulls sails.
PS. The 50% retracement of the move up from the April 1 low stalled the fall (at $1658.22).
