Technically, the rise today has been able to extend above a topside trendline. That level currently comes in at $2839.79. The price over the last two hourly bar tab traded above and below that trendline which shows some caution from the buyers. However the current hourly bar has been able to stay above that trendline. So has the hour ends, the buyers are making a play.
The other technical "tell" from the hourly chart above, is the number of times (about 8 itmes) that corrective dips have found support either against the 100-hour moving average or the 200 hour moving average (blue and green lines).
As a result, going forward, traders will look for break of both MAs in order to tilt the technical bias more to the downside. Absent that, and the buyers are still in play and the price action can still step higher and higher.
This article was written by Greg Michalowski at www.forexlive.com.Hence then, the article about gold price hits new record high technical indicators guide traders was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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