Gold’s recovery falls flat as price moves back towards the 100-day MA
Gold has benefited quite a bit from the recent risk off environment in markets over the past two weeks but the recovery appears to be very much a short-lived one. Although price broke back above the 100-day MA (red line) for the first time since April, buyers were unable to rally towards breaking above key resistance levels: December 2017 low and the 38.2 retracement level @ $1,238.64 .
After several tests of the resistance levels above, price is finally encountering exhaustion and is falling back down once again as risk recovers on the day. Right now, the 100-day MA @ $1,220.60 will be eyed in the sessions ahead.