Two MAs starting to converge at the $1330.50 to $1331.81
The price of gold is higher today but trades in relative narrow trading range for the day. The high extended to $1339.11. The low reach $1332.43. Looking at the hourly chart below, there is a lot of ups and downs intraday.
Of significance in the hourly chart above, is the 100 and 200 hour moving averages are moving closer to each other. The 200 hour moving averages currently at $1330.48, while the 100 hour moving averages and $1331.80. The 200 hour moving average (green line) is catching up to the 100 hour MA.
Those MAs are support and also defines the bullish and bearish bias. Stay above is more bullish. Move below and I would expect buyers to turn to sellers and the price to move lower with the $1320.33 as the next target. That level is home to the 38.2% retracement and the low from Tuesday’s trade (PS it tested the 200 hour MA at that level too).
On the top side, the swing highs from last week will be targeted at $1344.16 (high from June 5) and $1348.31 (high from last Friday).