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Gold retracement met by buying
A spike late on Friday saw the gold price recover and move back to the 50-hour simple moving average (SMA) at $1234. A small retracement in the early part of this morning has been met by fresh buying, but the downtrend from the 27 February high at $1263 is still intact.
Unless the price moves back above $1245 the approach here is still to sell the rallies. A fresh drop would head towards $1220 and then the first weekly support at $1217.
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