Test the 50% retracement of the 2021 trading range
The price of gold has shot higher today. It is currently trading up over $27 or 1.52% at $1814. The high price reached $1818.11.
Technically, the price has moved back above its 100 day moving average at $1795.91. The move back above the $1800 level was also a significant tilt to the upside.
The run higher above the $1800 level as taken the price up to the 50% retracement of the 2021 trading range. That midpoint level comes in at $1818.12. The high price today has reached $1818.11.
So from a technical perspective, staying above the $1800 level and the 100 day moving average is more bullish (at $1795.91). However, getting above the 50% midpoint of the year’s trading range is still needed to give the buyers just a little bit more control.