Trend line at $1705
The price of gold has cracked to a new session low and trades down over $28 at $1685 The low for the day reached $1681.38. The high extended to $1721.68.
Looking at the hourly chart, the price moved below a trend line at the $1705. Earlier the price moved below its 100 and 200 hour moving averages (blue and green lines). That helped turn the bias more to the downside, but it wasn't until the trendline broke with more momentum, that buyers turned to sellers (see red numbered circles).
The next target comes in at the 38.2% retracement at $1679.26. That level also corresponds with the April 7 high price. There may be a stalled near that dual level (with stops below). A break below that level will have traders looking toward the 50% retracement at $1658.22. That is near the low price from April 21 at $1659.55.
Sellers are making a play below the trendline and moving averages, but moving into some technical support.