Looks like some longs got shake out around 1320/22 as we’ve got a quick 7 tick drop down to 1315 before trading down to 1314.5. The rejection from testing 1400 has been harsh and on the tech front the first big test will be 38.2 fib from the Dec 2013 lo/hi at 1312 an then 1306 ahead of the 1300 level. We also have the possibility of a golden cross with the rising 55 and flatish 200 dma looking to cross around 1295/95.
Gold daily chart 24 03 2014
I’m going to keep an eye on the shiny stuff as I quite like the look of those 55 & 200 daily moving average levels for a long.
