Spot gold is down about $20 on the day
The price of spot gold is down around $18.50 or -1.08% at $1682.22. The low price reached $1679.46. Looking at the daily chart the price today has extended below the 61.8% retracement of the move up from the March 2020 low to the August 2020 high. That level comes in at $1689.89. The next target on the downside easy June 2020 swing low at $1670.98.
The price has been down 8 of the last 10 trading days (including today) largely in reaction to the rising dollars and higher interest rates. During the run, the price has moved from $1816 to today's low of $1679.46. That is a 7.5% decline from the high to the low.
