Gold remains above the 100/200 hour MAs
Two MAs starting to converge at the $1330.50 to $1331.81The price of gold is higher today but trades in relative narrow trading range for the day. The high extended to $1339.11. The low reach $1332.43. Looking at the hourly chart below, there is a lot of ups and downs intraday.
Those MAs are support and also defines the bullish and bearish bias. Stay above is more bullish. Move below and I would expect buyers to turn to sellers and the price to move lower with the $1320.33 as the next target. That level is home to the 38.2% retracement and the low from Tuesday's trade (PS it tested the 200 hour MA at that level too).