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Gold consolidates and waits for a push


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$1420 and $1430.23 are the levels to eye.

The price of gold has traded up and down over the last few days. As the price waffles, it has created a ceiling at $1430.23 area. On the downside is the 200 hour MA at $1420.10.  Admittedly, the price has moved below the 200 hour MA today and yesterday and went no where.  However, if broken, I still have to respect the level as a barometer for bulls and bears (it would be more bearish on a break).  

So traders are battling it out and looking for the next push . With the price trading around $1424 currently, the intraday bias is a lower (below the 100 hour MA at $1426.97).  However, it needs that shove (it needs momentum) below the 200 hour MA.

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