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.
This article was written by Greg Michalowski at www.forexlive.com.
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