Gold has been trending higher for a while now as traders hopped on the risk/safety trade going into the US election. Also higher inflation fear may have conttibuted. Finally, technicals were a help.Looking at the daily chart below, apart from a day or two in February, the price has traded above the 100-day MA (blue line on the chart below) for every other day of the 2024 year. That MA is still well below at $2534.81. The current price is at $2619.79. Getting below it would be needed to give the sellers more control from a longer-term perspective.Drilling down to the hourly chart below, the price trend move to the upside has seen corrective moves this year. More specifically, the price has
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