Gold buyers to try their luck at $1,800 again

Technical Analysis

Author: Justin Low | gold

Gold is up 0.5% to $1,795 today

Gold D1 06-05
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Despite the lack of investor appetite, gold has been holding largely steady in recent weeks and buyers are once again trying to take a stab at $1,800 today.

The previous attempts recently to try and get above the figure level have failed with the 100-day moving average (red line) also providing some added resistance for gold.

That level is seen @ $1,797.52 currently and will be a key one to watch on the daily.

ETF positioning in gold continues to be rather tepid but the good news is that since April, the pace in which ETF holdings are being shed have slowed down. Although, it doesn't change the fact that it is still being trimmed.

As such, unless investor appetite turns around for gold, there is still a case to be made that gains are unlikely to be sustained above $1,800 in the event of any break.

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