Down about $98.
the price of gold is trading down around $99 or -5.04% at $1852.71. The low price reached $1852.07. The high price was at $1965.59.
The rising dollar and higher interest rates have dip the bias sharply to the downside in not only goal but silver. Spot silver is also down sharply. It currently is trading down $1.74 or -6.82% $23.86.
Technically, for gold the price is approaching the low prices from September at $1848.80. A move below that level would take the price to the lowest level since July 21. The next target below that would be the 38.2% retracement of the move up from the March low to the August high. That level comes in at $1837.13
Earlier today, the price fell back below a broken trend line from last week and the rising 100 day moving average at $1900.38. The 100 day moving average (blue line in the chart above is now a risk level for shorts looking for more downside pressure in gold.
Looking at another way, buyers will need to see the price move back above the 100 day moving average to tilt the bias in that direction. Last week the price did spike above that level and traded to the highest level since September 16, but could not traded above that days high at $1973.60. The high price today at $1965.59 was the highest to could get.
