The price of gold is trading 2 a new session high at $1647.40. That is up about $58 on the day or 3.65%.

Looking at the daily chart below, the price tumbled on Friday as stocks tumbled. Typically might expect gold to move higher on safe haven flows. However the markets (or at least the story) was that traders were liquidating gold gains to pay for margin calls in stocks. Whether true or not is unsure, but the decline in equities currently (Dow is down -400 points) is not having a dampening effect on the price of gold.

Technically, the fall on Friday did find support buyers near the 50% retracement of the move up from the November 2019 low at $1567.51. The 50 day moving average was also near that level providing some support.

Currently the price on the daily chart has the high price from last week at $1689.31 as a topside target.

Drilling to the hourly chart below, the price today has move back above its 100 and 200 hour moving averages. Those moving averages currently come in at $1619.99 and $1632.48. Stay above those moving averages keeps the buyers happy. On the topside, the high price from last Thursday reached $1660.38. That was before the sharp move lower on Friday.