Runs to the 50% retracement
The price of gold is trading down about -$18.30 to $1713.65. The low price reached $1709.18. The high was up at $1735.67. At the highs, the price tested the converged 100 and 200 hour MA (blue and green lines). Failure to extend above each, was the go ahead to sell. The price moved lower from there.
On the downside, the price has moved to and through the 50% of the move up from the April 21 low. That level comes in at $1712.49. However, there has been some stall above and below that area over the last 3-4 hours. The market is taking a breather as it decides does the price continue lower, or does the midpoint stall the fall?
Key test for the precious metal.