Gold continues consolidation, but with a bearish tilt…
The price of gold has had a down and up today. The earlier highs in the day, were able to find sellers near the 100 and 200 hour MAs. In fact for the first three days of this week, the highs all stalled near the MA lines. That helps to give a bearish tilt to the pair.
Now is the price running lower? Has the price been more in an uptrend? No and Yes. The lows this week have not been able to approach the 38.2% retracement of the August move higher at $1483.72. The lows this week only reached $1493.32 (with a low of $1496.60 today). The price could now base at $1500 and run higher. However, it stiill needs to get and stay above the MAs to turn the tide more to the upside.