Gold stalls at trend line and the 38.2% retracement
200 hour MA support held. Break above the 100 hour MA but stalls at a dual resistance target at $1306.29-81 area
Yesterday, the price of Gold fell but stalled the fall at the 200 hour MA, not once but twice. Today, the low for the day also stalled against that MA. Three times was the charm and the price moved higher.
That run today, has taken the price above the 100 hour MA (blue line) at 1300.38, but the price run higher is having some problem against the 38.2% and a topside trend line at the $1306.29-1306.81 area. The high reached $1306.48 and has backed off. We currently trade at $1303.35.
Sellers at the resistance area would like to see the 100 hour MA broken and end the corrective run. Buyers off the dip are hoping the potential head and shoulders formation is not....well forming, but will instead find support at the 100 hour MA and race (eventually) above the topside trend line and the 38.2%.
What we know is a battle is on.