Gold prices surpass their 100-day moving average
The price of gold is seeing an upward surge, with the price now up $28.44, or 1.23%, at $2,343.68. The high price just reached $2,344.89, the day’s new high.
This uptrend has now brought the price back above its 100 hourly moving average at $2,335.13. Staying above this moving average would be more bullish, with the 200 hour rising to $2,356.62 as the next key tactical objective.
The high price of gold reached $2,431.78 on April 12. This is the new record price for the precious metal.
The corrective low, which stopped at $2,291 on Tuesday this week, bottomed just above its midpoint of 50% of the rise from March 18. This median level stands at $2,288.74. Buyers were willing to put a toe in the water relative to this median level.
Gold remains a safe haven. Reports that Israeli strikes on Rafah were intensifying. So even though tensions between Iran and Israel have eased, attention is returning to Gaza and Hamas.
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