Moving toward the upper extremes again after a test of test of last week’s low yesterday found buyers
The price of gold is heading higher today helped by concerns about US/China and a softer dollar after the FOMC yesterday.
The price moved to a new session high at the $1511.35 level and is running away from the $1500 swing barometer below. The pair is also back above the 200 and 100 hour MAs at $1494.32 and $1496.57 respectively.
Yesterday, during the ups and downs during the FOMC, the price low stalled just ahead of last week’s lows at the $1480.91 level. We are not looking toward last week’s high at $1518 (and the other swing highs from October at $1517.14 and $1519.65.
The question for buyers will be “Can those levels be broken and get the precious metal out of the $1475 to $1520 usp and down trading range?”
PS Stocks are trading at session lows. Yields are lower as well with the 10 year down -5.8 bp. That is helping to give gold a little nudge to $1512.50 high now…..