Three swing lows from 2013/2014

The higher USD today, has helped to pressure gold in trading today. On it's way lower, the price fell below the 200 hour moving average (green line in the chart below). That level currently comes in at 1185.50. The last 8 hourly bars has traded above and below this MA level.

In addition to the 200 hour MA providing a stall point, the low area for the day correspond with the low area from March 20-23 (see red boxes in the hourly chart above). Finally, the 50% of the move up from the March 17 low comes in at 1180.98. Although the low did not extend this low, there is reason to expect buyers against this support target..

Looking at the daily chart, going back to 2013, there were three swing lows from July 2013, December 2013 and again in September 2014. Those lows came between 1180.21 and 1182.93.. Since then, the price has ventured below this area, but overall, the time spent below has been minimal vs. the time above. Today the low traded as low as 1182.27 - between the 3 extremes.

Traders are leaning against the level for support. Look for that dynamic to continue going forward, with stops on a move below the 1180.00 level.