Watching support at the 100 and 200 hour MA (close support)
The price of gold shot hgher into the close yesterday and continued that trend into the early hours of the new day (i.e. today).
The high for the day reached $1437.88 but could not extend to or above the high for last week at $1439.21.
That was enough to turn buyers into sellers, and we have seen a retracement back toward the close from yesterday at the $1418.65 level.
The price action over the last few hours has seen the price settle down above and below the unchanged level (give or take a few bucks. We currently trade at $1417.50, down -$1.15 on the day.
The fall back lower has been able to stay above the rising 200 and 100 hour MAs (green and blue line) at $1408.40 and $1405.17 respectively. The low today could only get to $1412.10.
Technically, those MAs are barometers for bullish and bearish. On Monday, they were broken on the opening and remained below. Yesterday, the price moved above those levels and stayed above…. The bulls are in control above those MA lines (close risk for longs/buyers).
For more technical chat on Gold, see my post from late yesterday HERE).