100 hour MA looms above
The price of gold has been trading up and down today. The low today reached $1398.77. That cracked the $1400 level but held just above the 38.2% of the last trend move up fom the June 17 low (at $1398.67 - see post from yesterday outlining the support level). Buyers respected that support level. It will take a move below to trigger more selling.
On the topside, the contract has traded most of the day below its 100 hour MA at $1411.97 currently (only the first few hours traded above the MA line). The NY session high just reached $1408.46. We currently trade at $1405.53 down -$3.50 on the day.
So buyers leaned against support but the upside has been limited and will take a move back above the 100 hour MA to give them more confidence.
The battle between the levels is on.
