Price remains below the 100 and 200 hour MA
The price of gold trades up and down today and is trading back nearer the highs for the day. The price high reached $1955.49. The low reached $1924.89. That was near the low from yesterday’s trade.
Recall from yesterday the price fell sharply and in the process cracked below its 100 and 200 hour moving averages (blue and green lines in the chart above). The 200 hour moving average currently comes in at $1963.78 while the 100 hour moving average comes in at $1968.87. That is near the 50% retracement of the move down from Tuesday’s high at $1970.28.
All those levels are targets on the topside that would need to be broken if the buyers are to take back more control.