Retests the level on the rebound and stays below
Gold fell once again today and in the process fell below the 100 day MA at the 1211.63 level. The low has extended to 1206.73.
We have seen the price rebound up to 1211.54 - just below the 100 day MA level (see 5 minute chart below). That was also near the 38.2% of the days trading range and the 100 bar MA on that chart. The sellers are remaining in control.
Staying below the 100 day MA is simply more bearish. With the price testing the 100 day MA on the correction (and the 38.2% and the 100 bar MA on the 5-minute chart) and holding below, increases that MAs importance.
