Gold rebounded back toward the 100/200 day moving averages

Technical Analysis

Author: Greg Michalowski | gold

Moving averages come in just below the $1800 level

The price of gold has moved sharply higher in trading today. It is currently up $35 or 1.99% at $1794.60. The high price reached $1795.59 so far. 

Moving averages come in just below the $1800 level_
In doing so, the price is up testing its 200 day moving average at $1795.66.  The 100 day moving averages is just above that level at $1799.87. Of course the $1800 level is also a natural resistance level which increases the areas importance from a technical perspective. 

Move above and the buyers are in more control.  Stay below and it looks like the test of the 200 day moving average from September 16 where sellers leaned and the price rotated back to the downside.

Key technical area for both buyers and sellers. Let the battle begin.
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