Gold pushes higher to $1,862 as buyers hold a defense of its 200-day moving average upon the recent drop
Besides the pound, precious metals are one of the more notable movers so far on the session as we see gold trade up by 1% from around $1,850 earlier to $1,862 now.
Of note, buyers are continuing to keep a defense of the 200-day moving average (blue line) after the drop on Friday and yesterday failed to close below the key level.
The 61.8 retracement level of the December rally @ $1,839.12 is also still in play.
That said, buyers still have more work to do from hereon to solidify further momentum.
The key hourly moving averages are seen closer to $1,888 and $1,900 now and that will be the key region to watch if buyers are to follow up with a continued rebound from here.