Яндекс.Метрика Gold wanders lower after double top....$1500 and intraday moving average support eyed. – Technologies of the future for life!
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Gold wanders lower after double top….$1500 and intraday moving average support eyed.


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Some slowing of the run higher. 100 bar moving average on the five minute chart has been a support level on the run higher.

The price of gold is working a little lower after a double top near the $1510.46 level gives buyers cause for pause (and a modest correction).

The contract is currently staying just above the $1500 level (see 5-minute chart above).  The rising 100 bar moving average currently comes in at $1498.55 (blue line in the chart above).
Looking at that moving average level, the price has been able to stay above it over the last day and 1/2 – testing it on a number of occasions (but not going below it – see red arrows outlining the tests).  If the buyers are to remain in control, staying above that level will be a major bullish clue.  

Conversely, on a break below the pattern of bounces would be broken. I would expect more downside probing on a break below.

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