Gold traders are battling it out with support on the hourly chart holding support but MA and trend line resistance on the daily chart creating a ceiling.
Looking at the hourly chart of gold:
Gold on the daily chart.
- The price is find support against the 100 hour MA (blue line)
- Corrected to what was a low area on Tuesday and found support buyers.
Looking at the daily chart,
Gold finds support near lows and 100 hour MA (blue lines)
- The price is finding sellers near the 100 day MA
- Finding sellers against the downward sloping trend line
So there is a battle going on at the current levels. Eventually, there will be a break and a move away. For the time being, traders can play the range and look for the break with momentum.