The price closed at $1862.22 yesterday
The price of gold has erased its earlier declines and now trades higher on the day. The closing level came in at $1862.22 yesterday. The current price is trading at $1865.34 up $3.41 or 0.19%.
Looking at the hourly chart below, the price has been up for eight consecutive hours. The next target comes in at the high from Wednesday at $1868.57. The move from the low on October 3 has taken the price up 6.18%.
Technically, the price moved back above its 100 and 200 hour moving averages on November 4. After a test of the 100 hour moving average on November 5, the price has stayed comfortably above the 100 hour moving average. That moving average currently comes in at $1842.23 (and moving higher). Technically it would take a move below that level to tilt the bias more to the downside.
Looking at the daily chart the seven-day run has taken the price to the highest level since June 15. The next upside target comes in at the 50% midpoint of the move down from the August all-time high at the $1876.02 level. The all-time high price reached $2075.14.
