The 50% retracement and swing high from July is being approached
The price of gold has been shooting higher in trading today helped by a lower dollar. Also helping the precious metal is the move above its 200 day moving average at $1820.58. Stay above that moving average line would keep the buyers/bulls more in control.
Having said that, the price is approaching some key technical targets. The first is the 50% retracement of the move down from the June high to the July low. That level comes in at $1833.66. Just above that level is the July high at $1834.14. Get above both those levels would increase the bullish bias from a technical perspective.
The buyers took control today and got above the 200 day moving average and ran with the break. Now with the price approaching dual resistance levels within a dollar or so of each other around the $1834 level, it will test the buyers will and strength.
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