Gold breaks above 200 day MA at 1176.50 area

Trades at the highest level since June 29
Gold is moving above the 200 day MA at the 1176.53 area (may be a little higher or lower on your charts – BBG has it at 1176.87).  A close above the 200 day MA would be the first close above since May 18th. Staying above will next have the precious metal looking toward the 1189 area where the 50% retracement of the move down from the year’s high is found.   Traders who are long will now use the key MA level as a risk defining level (give yourself some wiggle room below). Stay above, all is ok for the bulls. Move below, and the "market" may shift sentiment back lower.  

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