200 hour MA at $1407.26. High reached $1407.67 before moving back lower
The price of gold moved sharply lower on Friday after the better than expected jobs reports send the USD higher (and gold lower).
Today, the precious metal corrected higher but has moved back to the downside on the back of the stronger dollar. Also helping to keep sellers in play, was that the high today stalled right around the broken 200 hour MA at $1407.26. The high today reached $1407.67 before stalling and moving back lower. The current prices trading just above the $1400 level had $1400.18.
Staying below the 200 hour MA (and 100 hour MA at $1412.19) keeps the bears more in control.
On the downside, the $1400 is a natural support level. Below that,
- The low for the day reached $1392.88.
- The low from Friday comes in at $1386.80.
- The July 1 low reach $1381.90, and
- The 38.2% retracement of the move up from the May 30 low comes in at $1376.50.
All are targets if the bears can keep the control....
For now, bears are in control below those key hourly moving averages.
