Gold trades below 100 and 200 hour MAs but off lows
Down -$5.50 on the day or -0.44%
The price of gold traded near a high trend line today (see red circle 3) on the hourly chart. That Trend line held and the price rotated below the 200 hour MA (green line currently at $1313.61) and the 100 hour MA (blue line currently at $1310.61).
Technically, staying below each will be more bearish going forward (PS the 200 hour MA is near the topside trend line making the area more important).
The low today reached to $1303.74. The 50% of the move up from the Jan 21 low comes in at $1301.57. The 61.8% comes in at $1295.73. Each are targets on more selling.
The fall today has been helped by a stronger dollar. The dollar is the strongest of the major currencies today, rising vs all the major currencies with the largest gains vs the GBP, JPY and EUR.