For the first time since April 26, gold has closed above its 100-day moving average. Although gold closed well off of the intraday high, it did manage to close above the 100-day moving average for the first time in six months.
Recent Reports
The most prominent characteristic of gold pricing has been its narrow and tightly defined trading range. On October 11, gold gained over $30 in trading, breaking above key levels of resistance.
Gold futures settled slightly lower on the day, with the most active December Comex contract currently fixed at $1,229.60, a net decline of $0.50 on the day. However, gold scored modest gains this week.