Gold has another look above 1,930 today

On Friday gold peaked at $1,930.45. That high was then followed by a drop back to as low as 1,922.45. Earlier in the day the metal had risen sharply back through its 200 day moving average, from an earlier session low at 1,909.86. That 200 day moving average was in place then at 1,921.98. It is in place today at 1,922.72, so as you can see it is still rising steadily each day and that is a positive in respect of the longer term trend. The high on Friday fell just short of the 50 day moving average. That had been the case all week beforehand too, when earlier attempted to surmount that level also below out. Well, that 50 day moving average is still falling slightly and in place right now at exactly 1,932. The high seen so far this morning has been set at 1,930.67. So, here we are again folks; back for another potential test of that resistance. The range so far today has been covered by 1.922,63 to 1930.67. That means the 21 day was earlier put to the test, but it essentially held once more. Gold is currently backing off a little right now, currently trading at 1,929.15