Gold was affected by the strong selling in March due to the current pandemic but the fast decline was cushioned by the daily 200 simple moving average.
Since the 20th March 2020, price has found its footing and regained the points that were lost and has gone on to create new all-time highs.
The bullish move has appeared to have exhausted price for the time being as price has gone into consolidation. The consolidation high is at $1,747 and proving difficult for price to break through for now.
At the time of writing this, the sellers have pushed price back below $1,747 after the buyers broke resistance. Price has the 20 simple moving average below as support, so although the buyers are currently being beaten, they may gain momentum with the aid of the moving average.
The overall trend is up on this timeframe and a break and close above a recent high is all we need to confirm a continuation to the upside.
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