Gold moves toward 100 and 200 day MA levels

Gold has moved higher in NY trading, after finding support against the 200 hour MA (green line in the chart above). The subsquent push above the 100 hour MA ( blue line) at the 1669 area has accelerated the move higher and pushed the precious metal toward key resistance on the daily chart.

That resistance comes against the 100 day MA (at 1682) and 200 day MA (at 1690). A sustained move above these levels would have positive implications for risk on pairs. For example, the AUDUSD has been moving higher in reaction to the Gold move and is now trading above its 200 hour MA. Further upside momentum would certainly benefit from a breaking of this key resistance.