Stays below the 100 hour MA today
The price of gold is trading above and below the unchanged level today (currently down about $0.90).
The low today reached $1280.94. That got below the low from Tuesday and trading at the lowest level since January 25th. That break was short lived however, and the price moved to the high at $1289.09. At the high today, the price tested the falling 100 hour MA (currently at $1288.99 and moving lower - blue line in the chart above). Stay below that 100 hour MA keeps the bias tilt to the downside for the precious metal.
Taking a broader look at the daily chart below, the price low today (and this week) still remains above the 38.2% of the move up from the August 2018 low at $1275.59. Also in the area, are swing lows from January up to around $1277. That area, followed by the 100 day MA at $1267.73 (blue line in the chart below) are the key targets below that needs to be broken to excite more selling.
Staying on the daily chart, if the 100 hour MA can be broken above, that would tilt the shorter term bias back to the upside with the $1300 -$1302 area the key target (and get above for buyers).
For now, the hold at the 100 hour MA keeps the sellers in control. Until that is broken, the buyers may have a trade against the $1275-77 area, but they risk a break below and run toward the 100 day MA test.
