Gold down on the day. 100 and 200 hour MAs eyed
Golds 100 and 200 hour MAs at $1335.84 and $1334.09 respectively
The price of gold is trading down above -$2.00 on the day at $1339.71. The low reached $1338.11. The high extended to $1342.53.
Looking at the hourly chart, the price is below swing highs at $1348.31 and $1344.16 (from June 7 and June 5). Stay below keeps tilts the bias lower.
What would give the sellers more confidence is a move below the 100 and 200 hour MAs at $1335.96 and $1334.18 respectively (blue and green lines respectively). Last week, the price took a small peak below the 200 hour MA (green line) but only for parts of an hour. As a result, that MA will be key on a retest this week (for the buyers and the sellers).