Buyers tried to extend above the 100 hour MA, but failed
Last week we saw gold test the 100 hour MA (blue line in the chart below) on Thursday and again on Friday. In trading today the price moved above the 100 hour moving average (at 1158.65) for the 1st time since March 5. That move initially led to a move higher as buyers reacted to the technical break. The high extended to 1163.97.
However, the momentum faltered before getting to the high price from Thursday's trade at 1166.49. The price moved back below the MA (currently at 1157.90) and the price has moved back lower. In fact the low from Friday was taken out. Did that solicit more selling? Not really. All of which suggests to me, that the "market" is happy buying low and selling high.
Trade accordingly.
