Closed above on Christmas eve
The price of gold is trading up about $10 today at $1509.87. The high price today extended to $1512.68. The low was down at $1497.59. On Christmas Eve the price closed at $1499.84.
Technically, the price extended above its 100 day moving average for the 1st time since November 7 on Christmas Eve. That moving average currently comes in at $1492.54. The high price from Christmas Eve stalled just ahead of its 50% retracement of the four-month trading range. That midpoint comes in at $1501.41.
Today's gains took the price away from its key 100 day moving average and also above that 50% retracement level.. The 50% retracement is now close risk for the longs at $1501.41. A more conservative risk level would be the 100 day moving average at $1492.54. Stay above each keeps the buyers firmly in control.
The next topside target comes in against its 61.8% retracement level at $1514.55. Above that is the October high price at $1519.65 would be targeted.
