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Good snaps recent run of higher daily lows
Until today the recent price action in gold had been defined by a series of higher daily lows. If you look at a daily bar chart of the metal you will see that. The price action so far today has been to the downside after an earlier session high stalled short of the current 21 day moving average (now in place at $2,339.40). The high seen earlier was set at 2,336.54 and the close last night, at 2,335.66 was also below that 21 day moving average. The metal has just now hit a fresh session low at 2,311.60 and as suggested; it looks like month-end profit-taking might be getting the better of it right now. The first potential support level from here on could be at 2,305.20, from the low set on April 25. Gold is currently trading at $2,312.20
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