Gold tests its 100 day moving average

Technical Analysis

Author: Greg Michalowski | goal

100 day moving average of $1797.32

the price of gold moved up to a high price of $1798.34 today. The price just above its 100 day moving average of $1797.32. However the momentum cannot be sustained in the price rotated back to the downside.  The price has not closed above its 100 day moving average since January 7. Move above the 100 day moving average would be more bullish for gold.

100 _day moving average of $1797.32
Drilling down to the hourly chart, the price of gold stalled at $1797.83 on April 21. Today, that was tested again but found sellers. Needless to say, the 100 day moving average is doing a good job of putting a lid on the market.

Staying on the hourly chart, the price of gold has been trading above and below its 100 and 200 day MA since April 26. Today, the price based against the 100 hour moving average before moving higher over the last four or so trading hours. If the price can stay above both those moving averages at $1779 and $1774.50, the buyers can remain in control.  In contrast, move below the moving averages would have traders looking toward swing lows near $1762.60 followed by the 38.2% retracement which comes in at $1751.

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