Spot gold holds above the 100 day MA yesterda
Yesterday, the price of spot gold moved to a low price of $1848.80. That was just above the 100 day MA (blue line) at $1847.36. The holding of the MA line gave buyers the go ahead to step in and today we are seeing a rotation to the upside.
The price high has reached $1899.14. We currrently trade at $1897.80. A move above the $1900 would be another step in the bullish direction.
The 50 day MA is up at $1945.15. That MA (white MA line on the chart above) stalled falls going back to June. The price break earlier this month turned dip buyers against the moving average into sellers.