Technical Analysis

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. 

The US dollar is the strongest of the major currencies

ForexLive

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