Gold resumes its rout to the downside

Technical Analysis

Author: Greg Michalowski | gold

Down over $30 (check, down -$47)

The price of gold has reversed sharply to the downside. The high price today reached $1597.98, we are currently trading at $1543.66 - at new session lows.  

Down over $30 (check, down -$47)
The price is now down $-33 or -2.10%.  (UPDATE: we are now down $47 or -3% on the day)

Technically, the price is trading at new lows for the week. Of note is that the precious metal is approaching its 100 day moving average at $1535.66 (it is now breaking below). A move below that level would be the 1st since December 24. Below that level the 200 day moving average is currently at $1499.23 and would be the next downside target.

On the way to the downside, the price moved below a trend line on the daily chart at $1549. That is now a risk level for sellers

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