The 1350 area is key for the gold going forward
Gold is moving lower in trading today and in the process have tested a support area at the 1355 area. This is where highs from July 29 and August 1st are located. The low has come in around the 1354.29 level today. Another key support level is at 1351. The 100 hour MA nd trend line support on the hourly chart cut across at this level (see chart below).
Taking a broader view, the price of the precious metal sits between trend line support below and trend line resistance above. So the price can shift either way. The trend lines on the daily chart come in at 1335 on the downside and 1391 on the topside (see chart below).
The bulls remain in control off the hourly chart view. Stay above the 1351 area (closer support 1354) and the upside can be explored. Move below 1351 and the tide may shift back to the downside.
