- Gold tested topside trendline resistance at the $1662.50 area and held resistance (see chart above)
- On the downside there has been support buyers near the midpoint of the move down from March 27th high ($1654).
- Overall activity is contained today and waiting for the next directional spurt (up or down)
Looking at the daily chart below,
- The price has been reluctantly moving down over the last month of trading
- The trend channel has a few tests above and below
- The current top trendline comes in where the 100 day MA is found (at $1676 area). This increases the importance of this level should the price make a break above the hourly down trendline
For the time being, activity is contained and moving back in forth in between support and resistance.
