200 hour moving average at $1707.11 currently
Gold is not having a good day (for the bulls at least). The price is down $19.16 or -1.11% at $1710.59. The low price extended to $1706.30. The high was up at $1729.06.
Technically looking at the hourly chart, the low price for the day did reach down to test its 200 hour moving average at $1707.11 (the low is just below that level at $1706.30). The quick rebound off the break of that line, is keeping the buyers more in control. However a move below could solicit more probing to the downside.
A trendline connecting the March 20 low to the April 21 low cuts across at $1698.50 (and moving higher). Move below that level and the low price from last week at $1659.55 would be eyed followed by the 38.2% at $1635.70.
Adam posted his views and those of the market in a post last week HERE.
