Finds sellers against the level on recent tests
For gold traders, the price has been consolidating at the lows on the hourly chart over the last few trading days, and that has allowed the 100 hour moving average to catch up. Yesterday, sellers came in a touch early against the level. Today the price kissed the MA line and rotated lower.
When that happens it shows me at least, that the "market" is paying attention. The level becomes a nice risk defining level. The 100 hour MA is currently trading at the 1160 area. Stay below and the bears remain in control. Move above the MA line, and the story - from a short term technical perspective - will shift more to the bullish side.
Needless to say, the next targets are the recent lows at 1148.59 and 1147.44.
Below those levels will look toward the 1142.69 low and 1131.96 low from December 2015 and November 2015.
