Gold reaches a new session highs

Technical Analysis

Author: Greg Michalowski | gold

Moves above 1241

The price of spot gold has moved higher and trades above $1241 - up over $7.00 on the day.

The dollar is moving lower and that is hurting the sentiment.

Technically, looking at the daily chart, the price has been finding support against the broken 100 day MA. Yesterday was the most recent test and hold but since breaking above earlier this month, the price action is not racing higher but you can say, that traders are indeed leaning against that support MA line (see middle line in the chart above at 1216.89).  

The current price is testing the low from October 7th at 1241.50.  A move above that level should be more bullish (we trade at 1241.10 currently)  The 200 day MA looms above as the next key target at 1262.99. The price has not traded above that MA since the day after the election in November.