Trend line broken at $1415.32
The price of gold moved higher earlier in the day and moved above a ceiling area around the $1430 level. The price climbed to $1433.84, before reversing and heading lower on the back of a stronger dollar and the failure of the break.
Looking at the hourly chart above, the price has moved below a lower trend line at the 1415.32 level (currently trading at around that level as I type) after falling to a low of 1411.18. Key area for the pair.
Do the sellers come in and stop near the underside of the broken trend line, or is today about failed breaks (one above and one below)?
The in the middle sits the 100 and 200 hour MAs at 1421.61 and $1423.30. Staying below each will now be eyed as resistance. If anything, the pair has been having trouble staying below the 200 hour MA over the last 7 days of trading. So if the price can stay below now, that would be a tilt in the favor of sellers.