Hey Traders,

after hanging around long term uptrend line, gold found some support in 200dma area and has consolidated for the past few days in a very narrow range

On the upside will be watching backtest of previous 3 week support line and the upper boundary of the channel. 20 ema crossed back below 50ema (green and red lines) and will present for interesting set ups when laminated with one of the trendlines. This is the first time 20 crossed below 50 in over 3 months. On a bigger move up will be watchign major previous s/r level of 945-948 which is now also a 50% retracement from the highs.

For support will watch the lows and 200dma (purple line), which happens to be right in the area of 50ema on the weekly:

200dma daily is also right in the area of 50ema weekly.  Below key level on the weekly charts will be previous lows and a trendline at ~870. With break below that level likely meaning a trip to 800 multi-year trendline and 200 week moving average.

Cheers

Vlad