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Gold moves lower but bouncing a little. Dollar rise helps push the precious metal lower.


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USD is the behind the JPY as the strongest currency today

The price of gold is trading lower but it is also off the low. The dollars rise today is helping to push the price down.  Below is a snapshot of the % changes of the major currencies. The USD is the 2nd strongest behind the JPY.

Technically, the price today spent all but a single hourly bar in the Asian session below the 100 hour MA (blue line in the chart below).  That MA is converged with a trend line at the $1275.22 (both are moving lower).   If the price is to tilt more to the upside, breaking above both those levels will be eyed by buyers and sellers.  It is a key area for both.

Taking a broader look at the daily chart, the precious metal bell below the 100 day MA last week and did a good job of running away from that MA (see blue line in the chart below).  Today the price moved to the lowest level of the year (and the lowest level since the end of December).  If the sellers are able to keep control (probably need the dollar to continue to move higher), the 50% and 200 day MA at $1253.59 and $1251.56 is a juicy level to target. 

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