Gold - 4 Hourly

Gold has approached the key support along the 100-day moving average ($2,008). A dip below could see a move lower towards $1,974 an ounce.

Gold has approached the 100-day moving average on the 4-hourly timeframe, the 100-day MA is acting as a great support level for the commodity. Gold currently trading at around $2,011 an ounce with the support below at $2,008. A break and close below the moving average could see its price slide lower, towards the next major support base resting at $1,974. However, if we see some consolidation around its current level, then resistance above is located at $2,025. Which corresponds with the 20 and 50-day moving averages. A break above $2,025 could see a move higher towards $2,041 and then even $2,048. Looking at the indicators, MACD is negative and so is RSI as it reads 37.