Bar one spike the $1400 level in gold is starting to feel some pressure. The lows have been higher and with stocks looking wobbly the shiny stuff is in demand once more.
The 55 H4 ma has been keeping watch over the upside for the last couple of days and the level is at $1389. If we were to crack $1400 then the next level to watch would be the 50 fib at $1406. It’s been broken on the spike up 22 May but still may have sellers waiting. Further up is the 100 H4ma and the 61.8 fib at $1422.
Most of the QE factor was shaken out of Gold with the big drop in April and now it’s reverting back to risk on/risk off movements. It’s worth bearing that in mind when making your trading decisions.
