Trades below $1357 and above 100 day MA at $1312
The forex/equity/bond markets are more or less moving up and down. Adding to that choppiness is the price of gold.
Looking at the daily chart of the precious metal, the price has traded in a range from around $1300 to $1366 all year. A closer range would have the 100 day MA below at $1312.10 as support. There were two tests in March of that MA line and each found buyers.
On the topside, the $1357 was a high in September and the high at the end of March stalled near that level. The high for the year reached $1366.
We currently trade today down about -$7.70 at $1325.49 - closer to the rising 100 day MA. Lately as the dollar goes, so too does the price of gold (dollar up/gold down, dollar down/gold up). There does not seem to be much of a "flight into the safety" of gold.
At some point the trading range will give way to the upside or the downside. Although it is influenced by the dollar. So keep an eye on it. It also has some technical levels on the daily chart that is doing a good job at stopping rallies and stopping falls. Pay attention to those levels and lean on the extremes, but look to jump on a break too.
