Recapping Recent Movements
Gold sold off during the US session last night, having the biggest loss of 2 weeks. The move came after six days of bullish momentum came to a top at the daily 50 moving average.
Now consolidating the move, gold appears to be finding support along the hourly 200 moving average. XAUUSD also currently is supported by the 38.2% fibonacci level, however day traders would do well to watch the 1h 50 moving average, as it still resides above price as a resistance.
For intraday bulls, watch the hourly 50 moving average and the previous 1h high at 1875 as topside caps.
For gold bears, watch for a break below the hourly 200 moving average and the previous daily swing low at 1822 to confirm a downside break, with the next supports coming in around the daily 200 MA (1810), and the weekly swing low at 1765.