The price trades between the 200 and 100 day moving averages
The price of gold has extended higher and currently trades about $15 higher at $1853.28.
The lower dollar and technicals seems to be helping the precious metal rotate back to the upside.
Technically, looking at the daily chart, the price low last week stalled near the 50% retracement of the move up from the March 2020 low. That level comes in at $1763.51. The low last week reached $1764.80 - just above that midpoint level.
The price move back above its 200 day moving average (green line) on Tuesday and has rotated toward the swing levels going back to August September October and November between $1848.80 and $1863.15. The point price today has reached $1855.13 so far. A move above that swing area would have traders looking toward the 100 day moving average up at $1911.70 as the next key target.
