100 and 200 hour MAs at $1228.75
The price of gold has move to a new session low, and in the process has dipped below the 100 and 200 hour MAs at $1228.75 (both MAs are within $0.03 of each other). Those MAs are the barometer for bulls and bears. Stay below bearish. Move above more bullish.
ON the downside, the next key target off the hourly chart comes in at 1219.50 area. That level is home to the 38.2% of the move up from the September 28th low. It also is near swing level from October (see red numbered circles). There should be buyers on a dip and test.
If the break fails below the $1228.75 MA level, the sellers could easily shift back to the upside with the highs over the last 4 days coming in at $1235-37 as the next targets to get to and through.
Right now though, the sellers are making the play on the break of the hourly MA levels.