Currently trading near unchanged levels
The price of gold has erased its early declines and trades above and below unchanged levels. The high price for the day reached $1660.38. The low price just extended down to $1638.25. That took out the Asian session low at $1638.62, but only by a few cents. The current price is trading at $1640.70.
Technically, the price has been trading above and below its 100 hour moving average of the last 2 trading days. That moving average currently comes in at $1651.69. With the price below that level, the bias is shifted little more to the downside. It will take a move back above that moving average level to shift the bias more to the upside again.
A move below the low for the day (and staying below) at $1638.25 will now be eyed by sellers looking for more downside. Below that, the rising 200 hour moving average comes in at $1628.33. The price has not traded below the 200 hour moving average since February 13. Below that the lows from Tuesday and Wednesday come in at $1625.22.
