First move below the key MA since March
The price of gold is trading down about $28 or -1.46% at $1880. The low for the day reached $1869.53. The high extended to $1910.82.
Technically, the fall to the downside took the price below its 100 day moving average for the 1st time since March 23, 2020. That moving average comes in at $1886.88.
Back in September, the low tested that moving average line (blue line in the chart above) but could not push through with momentum. The break below today will have traders looking to try and stay below. Doing so will keep the bears in control.
The next targets come in at the August swing low at $1863.15. Below that is the September low at $1848.02. The 38.2% retracement of the move up from the March 2020 low (low for the year) comes in at $1837.13.
