Lower dollar on Powell comments sends the precious metal higher
Gold moved back above the 100 and 200 hour MAs on the Powell prepared text. Those MAs come in at $1401.66 and $1403.89. After breaking, the pair retested MAs and held.
Stay above keeps the bulls in control. Move below is more bearish.
The price has been using those MAs as barometers for bulls and bears going back in time (see comments on the chart above).
So as long as the price stays above the MA’s it is bullish with $1424.72 swing high from July 5 and June 18 as a target. Above that, and the June 25 and July 3 highs at $1439 area will be the key target.
Overall, the precious metal is in a up and down range. At some point, there will be a break out of the $1381 to $1439 trading range. The 100 and 200 hour MA are mid-range barometers for traders.