Gold not having a good day, but holds above MA support

New York (Apr 27)  Technically looking at the hourly chart, the low price for the day did reach down to test its 200 hour moving average at $1707.11 (the low is just below that level at $1706.30).  The quick rebound off the break of that line, is keeping the buyers more in control.  However a move below could solicit more probing to the downside.

A trendline connecting the March 20 low to the April 21 low cuts across at $1698.50 (and moving higher).  Move below that level and the low price from last week at $1659.55 would be eyed followed by the 38.2% at $1635.70. 

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