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Gold - will it hold the $1225?
It has not been fun for gold bull over the past month – the 5.4% fall since mid-April mirrors, the February/March pullback. If the price can hold the $1225 low from last week then we could see a push back to $1240 and then the 200-day simple moving average (SMA) at $1249.
The latter would put the price back above the December rising trendline, and potentially suggest a move back to $1300. A drop back below $1225 would open the way to the 100-day SMA at $1222 and then down to the $1195 March low.
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