Gold continued to show strength on Thursday as it further consolidated near this week’s highs. On Tuesday a new high of $2,930 was reached for the current short-term rally. It followed a bullish reversal from support and a swing low at $2,833 (B) established last Friday. In addition, the closing price of the past two days was above the 20-Day MA, now at $2,909, and it looks like the same may happen today.
At the time of this writing, gold is trading in the top half of the day’s trading range, and it looks like it may end the day in a similar position. Also, a lower daily high and lower daily low will be established today, unless the week’s high at $2,930 is reclaimed before the end of the trading session.
