The precious metal is down $30 from the high
The price of gold reached a new high going back to 2012 at $1789.28 (at the London session high). Since and however the price has plunged $30 from the high to the low (low reached $1759.36). The price currently trades at $1762.15.
The run to the downside has taken the price below its 100 hour moving average at $1771.04 and now the 200 hour moving average at $1764.16. Last week on Friday, the price found support buyers against its 200 hour moving average and bounced higher.
If the price can stay below those moving averages, the sellers would keep control. Move above and it will just be a correction in the uptrend.
On the downside, the upward sloping trendline comes in at $1757.16. The 38.2% retracement comes in at $1744.09. There is a swing area between the 38.2% retracement and the swing low from last Friday at $1747.62. Keep that area in mind on a further downside corrective move lower.
