Rotates back lower
Gold continued the corrective move higher in trading today. For the 5th straight day, the price has made a new high. It has not done that since January.
The move higher did stall, however, when it hit the underside of the broken trend line. The line comes in at 1196.50 area. The high for the day stalled at 1194.90.
Can the price move lower from here?
Looking at the hourly chart below, the price has moved below the trend line and tested the lows for the day and bounced. The combination says the market is now in a battle.
In between support (against the lows for the day), and the resistance (against the underside of the trend line on the daily) is the close from yesterday. That level comes in at the 1189.24. The current price is about $1 above that level. If the price can close higher, that would be the 5th straight up day and would keep the bulls in control. .
