Test the 50% retracement and finds sellers
The price of gold has given up earlier gains and has been trading above and below unchanged.
Earlier today, the price moved to the highest level since January 29 and in the process tested the 50% retracement of the move down from the 2020 high at $1876.02. The high price reached $1875.10. The high was also near highs going back to January 21 and January 29.
Sellers leaned against the technical levels and the price has moved back to the downside. It will take a move above the $1876.02 level to give buyers more upside ammunition.
If sellers can push lower, traders will eyeing the underside of the broken trendline near $1855. Yesterday the trendline was broken, increasing the bullish bias for the precious metal.
The price is currently trading at $1867.14 up about $0.28 on the day