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Gold – 100-DMA support stands exposed

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Resistance

$1324 (5-DMA)

$1330 (10-DMA)

$1334 (50-DMA)

Support

$1313 (yesterday’s low)

$1305 (100-DMA)

$1300 (zero figure)

Despite rebound from $1313 yesterday, the subsequent rejection at 5-DMA yesterday followed by a failure to hold above 5-DMA seen today suggests the larger down trend from the high of $1352 levels remains intact and the daily 100-MA level of $1305 could be put to test.

On the upside, a rise above $1334 (50-DMA) risks sending the prices higher to $1352 levels, but reckon the hurlde would hold on caution ahead of next week’s FOMC rate decision.
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