Gold tumbles after test of the 200 day MA holds resistance

Technical Analysis

Author: Greg Michalowski | gold

200 day MA at $1824 tested. 

The price of gold moved up to retest its 200 day moving average at $1824. The high price extended to around $1825 before rotating back to the downside and tumbling lower. 

200 day MA at $1824 tested. 

Looking at the hourly chart, the price decline fell sharply below its 100 hour moving average at $1819 and then the 200 hour moving average at $1812.86. The low price extended to around $1804 so far (new low for the day).  Stay below the 200 hour moving average would keep the Bears more in control now.

Yesterday the low price came in at $1794.

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