Above the May 2018 high at $1309.37
The price of gold is moving higher more on the back of global unceratainty. The dollar is more mixed today so it is not getting a boost from a lower greenback.
The price just moved to a hing of $1311.85. The priceis currently trading around $1311. The move has taken the price above the May 2018 swing high at $1309.37. That is a close risk level now. The $1326.03 level is the swing high from April.
The pair on Friday bottomed at the $1276. That was the low over the last month or so of trading, and then shot higher and took out the high over the last month at $1298.60. Yesterday the low reached down to $1297.60 area - just below that old ceiling - but quickly rebounded. Buyers/bulls are in control and we are seeing follow through buying today.
Drilling to the hourly chart below, the price on Friday shot above the $1293 topside trend line and is trending higher. The pair remains above the 50 hour MA (white line in the chart below) at $1302.70 (and moving higher). Watch that line. The high from Friday reached $1305. Watch that level too for support now.
