Move to new highs since May 2013 fails
The price of gold is back below the June and July highs at the $1439.21 area – currently trading at $1436. That takes away the euphoria of the precious metal trading to new highs going back to May 2013. Not all that great technically. Traders will be watching those old highs now as potential resistance. Stay below and the failure remains a failure and the price can drift lower.
On the downside, the swing high from yesterday at $1430.23 and the swing high from July 11 will be eyed (at $1427.23). Below that, and the 100 hour MA will be targeted at $1419.87 (and moving higher). The 100 hour MA stalled the fall yesterday which layed the foundation for the run higher technically.