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Bulls bid gold back into range following brief selloff
The selloff seen earlier this week appears to be coming to an end, with the price looking to close above the $1178 resistance today. As such, I would be looking for a move back to $1178 as a good buying opportunity. The 50-period SMA (four hour) appears to be providing near-term resistance, just as the 20 SMA provided support and thus we could see a little downside in the early part of today’s session. However, as long as the price holds up above $1178, we are likely to resolve this short-term range to the upside rather than the downside.