Gold stalls at 200 hour MA. Key support at 1180.00-1183.00 area
San Francisco (Mar 30) The higher USD has helped to pressure gold in trading today. On its way lower, the price fell below the 200 hour moving average. That level currently comes in at 1185.50. The last 8 hourly bars has traded above and below this MA level.
In addition to the 200 hour MA providing a stall point, the low area for the day corresponds with the low area from March 20-23. Finally, the 50% of the move up from the March 17 low comes in at 1180.98. Although the low did not extend this low, there is reason to expect buyers in this support target..
Looking at the daily chart, going back to 2013, there were three swing lows from July 2013, December 2013 and again in September 2014. Those lows came between 1180.21 and 1182.93. Since then, the price has ventured below this area, but overall, the time spent below has been minimal vs the time above. Today the low traded as low as 1182.27 - between the 3 extremes.