Gold down on the day. 100 and 200 hour MAs eyed

Technical Analysis

Author: Greg Michalowski | gold

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.  

Golds 100 and 200 hour MAs at $1335.84 and $1334.09 respectively
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).  

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