Moved above topside trend line on the hourly but failed on the break
The price of gold extended higher today and traded at the highest level since Feb 4th. That move took the price above a topside trendline on the hourly chart at $1314.62, but that break has since failed. The buyers had a chance. They could not do anything with it.
As a result, the ball is now back in the sellers hands (risk at the $1314.62 trend line).
The 200 hour MA (green line in the chart above) at $1311.93 and the 100 hour moving average (blue line in the chart above) of $1310.71 are the next targets below that if broken would increase the bearish tilt for the precious metal. Below that is a lower trendline that cuts across at $1305.10 (see red numbered circles).
Ultimately if the sellers are to take more control, they will need to see each of those levels broken (and stay broken). Otherwise, we remain in the trading range seen over the last 7 or 8 trading days.
Buyers had their shot. Can the sellers take control now and push lower, through the technical levels?
