Gold moves to new session lows and below its 100 day moving average

Technical Analysis

Author: Greg Michalowski | gold

Gold is below its 100 day moving average for the 1st time since May 31, 2019

The price of gold has just move below its 100 day moving average at $1476.32. The low has extended to $1473. The price is currently down $16.40 at $1474.10.

Gold is below its 100 day moving average for the 1st time since May 31, 2019_
The move below the 100 day moving averages the 1st dipped below that level since May 31, 2019. At that time the price broke above the moving average at around the $1298 level.  The high price was reached in August and September around the $1557.11 level.  

If the price can stay below its 100 day moving average, the next targets would look toward the October low at $1459.14. Below that is the 38.2% retracement of the move up from the May 2019 low to the August/September's highs. That level comes in at $1446.04.
ForexLive
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose