Gold nudges back up to $4,000 as dip buyers step in

There’s not too much else happening in European morning trade but precious metals are the standout movers at the very least. Silver is now clocking above $51 on the day in seeking a breakout as seen here, but gold is also recovering strongly to now retest the $4,000 mark. It’s a crucial moment now for dip buyers in trying to regain near-term control in contesting the 100-hour moving average (red line) as well the $4,000 level:

Hold a break above and the near-term bias switches back to being more bullish. But keep below both key levels and sellers are still in a position to wrestle back near-term control amid the profit-taking since yesterday. From earlier: Gold cools on profit-taking but still poised to end the week higher

This article was written by Justin Low at investinglive.com.