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.

Although the trend is lower, the yellow metal is moving toward a key support defined by the 50 and 100 day MAs. They come in respectively at $1210.96 and $1209.87. Look for buyers to lean on a dip near that $1210/11 area.