Gold takes it on the chin today

Technical Analysis

Author: Greg Michalowski | gold

Currently down -$30.   Traders close to down -$40 at one points

The price of gold is liquidation as traders reaccess the safety idea for the precious metal.

Gold on the hourly chart
Technically, the price fell below it 100 and 200 hour MAs today, corrected up to retest the 200 hour moving average and found willing sellers. That got the ball rolling to the downside. 

The low price for the day did extend below recent swing lows from May 27 and May 11. However, the price has rotated back up toward the 1700 level. We currently trade around $1699

Stocks have lost some of their upside momentum which may help a rebound idea Lisa slowing of the downward bias. A move back above the $1700 level and then above the swing low going back to May 28 at $1711.40 would give buyers more hope.

On the downside getting below the $1692 level, would have traders looking toward the low prices from May at $1676.81 and $1670.71
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