Gold reverses and trades lower on the day
The price of gold was up earlier in the day. The price extended to a high of $1466.50. That was above the Friday close at $1459.00.
However, the price action has reversed and the precious metal is down testing the old July high at $1453.09. Below that is the 38.2% retracement of the move up from the May low. That level comes in at $1446.04.
The price on Thursday last week fell below the 100 day MA (blue line currently at $1477.20). It will take a move back above that MA to solicit reversal of the recent tilt to the downside. That potential would be helped if the 38.2% retracement can hold support. For now, however, the sellers are still more in control.
