Gold tumbles but moves toward 200 day MA and retracement support via ForexLive

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Gold has moved lower in trading today – moving down after some technical selling clues noticed yesterday (see: Forex technical trading: Gold looking soft. Will the sellers take back control? ).

Gold is approaching the 200 day MA at 1252.85 and 38.2% at 1254.42.

The fall today has seen the price move back toward the 200 day MA (green line in the chart above) and the 38.2% of the move up from the January low. The 200 day MA comes in at 1252.86. The 38.2% comes in at 1254.42. The combination should attract some buying on the first test at least with stops below.

posted via ForexLive

Posted In: ForexGlobalEconomics
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