The 100 hour moving average found dip buyers. The drive toward $2000 continues.
The price of gold has raised higher as yields move lower. The 5 year yield broke below the 0.20% level today. Yesterday alphabet issued $10 billion of debt to the market at the lowest levels for corporate debt on record.
The price of gold is currently up $15.39 or 0.78% $1992.30. The high price extended to $1994.47. The low price reached $1966.95.
Technically, the lows both today and yesterday found buyers near its 100 hour moving average (blue line in the chart above). The inability to move below that 100 hour moving average kept the buyers in control as the market consolidated as the price corrected off all time high levels.
The move to the upside has now taken out the high price from yesterday, and in the process, makes today’s high the new all time high price for the precious metal.