Yesterday, the gold buyers pushed the price above the 100 and 200 hour MAs. I wrote about it in a post outlining the bullish tilt:I ended that post saying the following:"If buyers can defend that support and extend the rally above today's high at $4,115.67, it could trigger another wave of short covering and shift near-term momentum further in their favor. However, if the price slips back below the 200-hour moving average, attention will quickly turn to the 100-hour moving average. A break below that level would suggest today's rally was merely a corrective bounce and would hand control back to the sellers."Looking at the hourly chart below, gold slipped back below its 200-hour moving average late yesterday (failing), shifting the technical focus to the rising 100-hour moving average instead. That support level was tested late yesterday and again during today's early session, where buyers stepped in and defended it. The successful hold helped fuel a rebound that extended to fresh highs for the week, taking out yesterday's peak near $4,115.The rally also pushed the price back above the 38.2% retracement of the decline from the June 17 high, which comes in at $4,109.56. That keeps the buyers in firmer control in the short term, with today's high reaching $4,144.15.Going forward, holding support in the $4,100-$4,110 area will be key (yellow area) and the risk level for buyers looking for more upside. If buyers can establish a base above that zone, the next upside objective is the 50% retracement of the June 17 decline at $4,161.19. A break above that level would open the door toward the $4,212.83 area, where the 61.8% retracement converges with a key swing level.A sustained move above $4,212.83 would represent another important technical victory for the bulls and shift the focus toward the $4,350-$4,375 resistance zone, where buyers would have a chance to regain much stronger control of the broader trend.Adam - unbeknownst to me - had a similar idea. His post, however, outlines some key fundamental reasons to eye for new life. Here is the link to his post. This article was written by Greg Michalowski at investinglive.com.