GOLD headed to several key low levels
The price of gold has moved lower in trading today. It currently trades around $1270 (down $-6.80) after falling to support at the $1266.40 area and finding dip buyers. At that level, the low from April 23, and trend line support at $1266 stalled the fall. It remains a key level to get below if the the move lower is to continue.
So far the level is finding support buyers. However, if there is a break, the 50% and the 200 day MA at $1253 area is another dual support level that should be a tough nut to crack. Be aware should the $1266 area be broken.
Drilling to the hourly chart below, at the high today, the pair stalled at the 200 hour MA (green line) and that was a contributing technical factor for the fall today. That 200 hour MA (green line at $1278.14) and the 100 hour MA (blue line at $1280.92)) are near the middle of the range trading between $1290 above and $1266 below.
Gold held support at a floor at $1266 area. It has a ceiling at $1290. In between sit the 200 hour MA and 100 hour MA.
Sellers at the high today stalled at the 200 hour MA. Buyers at the low are currently trying to hold support. Traders are trading and looking for a break.
So far the level is finding support buyers. However, if there is a break, the 50% and the 200 day MA at $1253 area is another dual support level that should be a tough nut to crack. Be aware should the $1266 area be broken.
Drilling to the hourly chart below, at the high today, the pair stalled at the 200 hour MA (green line) and that was a contributing technical factor for the fall today. That 200 hour MA (green line at $1278.14) and the 100 hour MA (blue line at $1280.92)) are near the middle of the range trading between $1290 above and $1266 below.
Gold held support at a floor at $1266 area. It has a ceiling at $1290. In between sit the 200 hour MA and 100 hour MA.
Sellers at the high today stalled at the 200 hour MA. Buyers at the low are currently trying to hold support. Traders are trading and looking for a break.
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