Gold makes another run to the 200 MA on 4-hour chart and bounces

For the 2nd week in a row, the price of gold has seen a move down toward the 200 bar MA on the 4-hour chart and found willing buyers (see green line in the chart above).

The move lower today reached $1910.82. The 200 bar moving averages currently at $1908.02.

The price is currently trading at $1923.50 which is still down $-12.24 or -0.63% on the day. The last two bars have retested the 50% midpoint of the move up from the January 28 below at $1924.86. A move above would give the dip buyers more confidence/comfort and tilt the bias little more in favor of the buyers as the price waffles between the 100 bar MA above (blue line at $1951.54) and the 200 bar MA below (green line at $1908.02).

The flight into the safety of the Gold has declined, although inflation continued to push higher. Higher rates though can have a dampening effect on gold as well.