Spot Gold is currently trading around the 1351.10/ 1352.00 level with today’s intraday high around 1353.05 and today’s intraday low around 1343.70.
Today’s intraday low was around the 15-day Simple Moving Average of 1343.35 and today’s intraday high was above the 21-day Simple Moving Average of 1352.05. More importantly, today’s intraday high was right around the 38.2% retracement of the recent 1424.05 – 1308.25 downward consolidation. The 100-day Simple Moving Average comes in around 1361.47 and the 55-day moving average comes in around 1374.16. The 1326.50 level was supportive over the last few trading sessions and represents the 38.2% retracement of the 1157.03 – 1431.25 range.
Gold continues to consolidate following the triple top it formed at the end of December. Short-term support is seen around the 1339.10 / 1335.60/ 1327.30/ 1320.05 levels with short-term resistance seen around the 1358.20/ 1366.15/ 1379.80/ 1396.70 levels.
