Gold breaks above 100 day MA and runs

Gold made a break.

The price has moved above the 100 day MA at the 1607.50 level for the 2nd time today and this time, momentum buyers pushed the price higher. The momentum got a further boost on breaks above the 100 and 200 hour MAs at the 1609 and 1610.50 levels. Stay above these MA’s now and the bulls remain in control.

On the topside the next targets are

• The high from Tuesday at 1616.
• The high from August 7th at 1618.34
• Trend line resistance at the 1625 level, the high for the month at 1626 and the 38.2% at 1627.54 make for a cluster of resistance.