The precious metal is down over $12 at $1492.50
The price of gold has moved sharply to the downside. It is currently trading down about $12 at $1492.50.
Technically, the price moved above a topside trend line on the daily chart on Friday but retraced back toward that trend line toward the close. In trading today, the price did trade back above the trend line but is currently lower and testing and upward sloping lower trendline that cuts across at the $1485 level.
It will take a move below that trend line to solicit more sellers. The 100 day moving average (blue line in the chart above) would be the next major target. That comes in at the $1464.43 level today.
Drilling to the hourly chart below, the price is dipping back below the 100 and 200 hour MAs at $1497.30 and $1493.18 respectively.The 50% retracement of the October trading range comes in at $1489.39. The low so far has been able to stay above that midpoint level. A break below would next target other lows for the month at $1480.91, $1477.29 and $1474.08. The low for the month was reached on the 1st trading day of the month at $1459.14.
What would tilt the bias higher after the sharp fall today?
A move back above the 100 hour moving average at $1497.30., and the $1500 level would muddy the bearish waters seen in trading today.
