After making a new all-time high at $1,447.60, gold reversed $17 on profit taking. Price action has found some support from the 23.6% retracement of the March low to All-time high move at the $1,431.70 level. Further downside support could come from both the 38.2% retracement and the 100 day simple moving average at the $1,421.90 area on the four hour chart.

Edward J. Moya
Market Strategist, FX Solutions

FX Solutions

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(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend lines in red; horizontal support/resistance lines in yellow; 200-period simple moving average in light blue.)