Gold lifts after testing technical support level

Earlier this morning a Quick News update noted the first technical support level was in place at $2,625.05. That was (and still is) the price point of the 100 day moving average. Subsequent to that update, the metal then fell back to test that level. The exact low seen was set at $2,625.29. So, as you can see, Gold did find support at that level and it has since rebounded. The high since the low has been set a little earlier at $2,635.75. Hence, gold has rebounded back close to the mid point of what remains a clearly defined range, with $2,655.70 (50 day moving  average) still guarding the topside. If we take the mid point of $2,625.05 and $2,655.70 range, we arrive at $2,640.37. So, despite lifting from the earlier lows, Gold has not reached that mid point yet. However, it is hoped the information provided on this earlier today was of some assistance in your trading decisions and even if not, it underlines the importance of respecting such levels. Gold is trading right now at $2,632.60