Above and belwo $1300 is home to swing level/trend line.
The price of gold dipped below a trend line in yesterday's trading and is continueing the move lower today.
Looking at the daily chart below, the precious metal has a low of $1304.30 so far with the price trading around $1306. The next targets are being approached at the swing lows from February at $1302.85 and the swing high from early January at $1298.60. In between is a lower trend line that cuts across today at $1302.21.
That area (from $1298.60 to $1302.85 will be eyed by dip buyers. Traders may look to dip a toe in the water against the area with stops below the $1298 level.
Drillling to the hourly chart, the support from the February lows is joined by the 61.8% of the move up from the Jan 21 low at $1303.55. Again that should give cause for pause at the $1300 area.
