50% of the move down from February also tested.
The price of gold is lower in trading today. The price is trading at $1315. That is down $6.90 on the day. The high reached $1323.32. The low extended to $1312.75.
Technically, the price of spot gold, stalled at a topside trend line yesterday. That target, gave buyers from below, a low risk level to take profit. It also gave new sellers a low risk level to put on a short.
The fall lower has taken the price to the 100 hour MA currently at $1314.40. Also near that level is the 50% retracement of the move down from the February 2019 high. That comes in at $1313.87.
The low did extended below those dual technical levels, but there has been some buying off the level. The high correction moved $1385.85. Looking at the 5-minute chart below, that high stalled right at the 200 bar MA on the 5-minute chart. That MA is a risk level for shorts after the successful test.
Sellers remain in control intraday. However, sellers making the play today, will still need to see the price get below the 100hour MA and 50% retracement level. If so, traders can push lower with the 200 hour MA at $1308.53 level as the next possible target (green line in the hourly chart above).
Risk? Watch that 200 bar MA on the 5-minute chart for clues (moving lower too).
