Gold has seen a little profit taking it seems...
Gold has moved lower over the last few minutes after moving to a new high since Friday's employment report. The dollar selling of late has helped the shiny metal move higher. Did we reach a low point in the dollar/a high in gold.
Looking at the 5-minute chart below the price has been tracking the 100 bar MA line - holding the level in early morning London trading before moving higher. The last few minutes has seen that MA line broken at the 1353 level. Keep an eye on that level going forward. The 200 bar MA at the 1349.40 area becomes the next support target.
Looking at the hourly chart, the fall is approaching the 38.2% of the last leg higher. That comes in at 1350.05. The low has reached around 1350.40. SO a little battle going on between 1350 and 1353. The winner may help determine the dollars fate for the rest of the day.
