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Gold Technical Analysis

Recent pressure on the 100-DMA has finally taken its toll with it giving way in Asian trading and gold remaining heavy.

The recovery from ahead of the key 3124.6-3129.1 support region appears to

The 100-DMA confirmed its significance as initial support Tuesday with gold briefly dipping below before recovering.

Dips continue find support ahead of the key 3123.7-3129.1 support region with bears needing a close below

Gold managed another inside day Monday with the 21-DMA having capped the rally.

Dips continue find support ahead of the key 3122.8-3129.1 support region with bears needing a close below the 200-DMA to

An inside day to end the week saw gold find support ahead of the 100-DMA with a close below this level needed to

The dip below 3150.6 gave bears hope to end the week but the bounce from ahead of the key

The recovery from the 55-DMA continued Thursday with the sharp move higher closing marginally above the 21-DMA ($1318.4).

Choppy sideways trading within the recent 3150.6-3211.5 range continued Thursday.

After finding support at the 55-DMA Tuesday gold has recovered lost ground and currently trades marginally above

Choppy trading around the 100-DMA, failure to retest last week’s lows and O/S daily studies looking to