The price of spot gold is trading above and below unchanged in early trading.
The price last week had a high last week at $1990.31- below the natural $2000 level – and a low at $1895.13. The price closed at $1921.20.
The current price as I type is down -$2.25 or -0.11% at $1918.87.
Looking at the hourly chart, the price traded above and below its 100 hour moving average on Thursday and Friday, but could not sustain upside momentum. The moving average is currently at $1930.68. Stay below it would be a tilt in the negative/bearish direction.
The price is also trading below the 50% midpoint of the move up from the January 2022 low (i.e. the 2022 trading range) that level comes in at $1924.86. The current price is trading below it as well tilting the bias more in the favor of the sellers/bears.
Getting above both the 50% and the 100 hour moving average would be required if the buyers are to take more control. A move above and the 200 hour moving average at $1963.62 would be the next key target on further upside momentum.
