Moves back toward 50 and 100 day MA support
The price of gold has been moving lower since peaking on Feb 27th at $1264.18. On that day, the price moved above the 200 day MA at 1261.08 but closed below the key MA level. That gave sellers a reason to sell and the price has moved down to today’s low at $1216.29 (down about $45 from the high). The price has been down 5 of the last 7 trading days, and the two up days have had marginal gains. So sellers have been in control and keeping the pressure on.