Gold trades between 100 and 200 hour MAGold prices are currently trading close to the day's highs at $2007.44, with the price at $2005.20. Examining t
Gold trades between 100 and 200 hour MA
Gold prices are currently trading close to the day’s highs at $2007.44, with the price at $2005.20. Examining the hourly chart for gold, we can see that yesterday the price briefly dipped below both the 100-hour moving average and the 200-hour moving average. However, it failed to maintain momentum below the lower moving average (green line in the chart above). This failure prompted support buyers to lean against the 200-hour moving average, eventually leading to a rebound.
Today’s high price approached the 100-hour moving average (blue line), which is at 2008.14. Although the price is above the 200-hour moving average, it remains below the 100-hour moving average, indicating an ongoing battle between buyers and sellers. Nevertheless, buyers seem to be making a push after the failed break below the 200-hour moving average and finding support at this level.
The critical question now is whether the price can break above the higher 100-hour moving average. A move above this level would tilt the bias more in favor of buyers. In that case, the next target for the bullish traders would be last week’s high of 2032.13.
Conversely, if the 100 hour MA cannot be broken, traders will be more wary of the upside and we could/should see a retest of the lower 200 hour MA again (near $1991.93).
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