Gold price is seeing a push to the upside with the price now up $28.44 or 1.23% at $2343.68. The high price just reached $2344.89 new high for the day.
That move to the upside has now taken the price back above its 100 hour moving average at $2335.13. Stay above that moving average would be more bullish with the 200 hour moving out at $2356.62 as the next key tactical target.
The high price of gold reached $2431.78 back on April 12. That is the new all-time high price for the precious metal.
The corrective low which stalled at $2291 on Tuesday of this week, bottomed just above its 50% midpoint of the move up from the March 18 below. That midpoint level comes in at $2288.74. Buyers were ready to stick a toe in the water against that midpoint level.
Gold remains a safe haven. Reports that Israel strikes on Rafah were intensifying. So although the tension between Iran and Israel has lessened, the focus returns to Gaza and Hamas.
