Gold moves back above its 100 hour moving average
The price of gold reached a new session high in the US afternoon session. The high price reached $2037.52. The current price trades at $2034.50 up $14.27 or 0.72%.
Looking at the hourly chart, the price has been skimming near the 100 hour moving average on rallies over the last 2 trading days. Earlier today, the price tried to move above the 100 hour moving average only to fall back. The last move, however, is showing some additional upside momentum.
The 100 hour moving average at $2031.59 is now a close risk level for short-term traders. Stay above is more bullish. Move below and all bets are off for further upside momentum.
This article was originally published by Forexlive.com. Read the original article here.