Gold cracks back below 2011 high at 1921.17 Run lower continues

Technical Analysis

Author: Greg Michalowski | gold

Stops being triggered.

The price of gold has moved back below the 1921.17 which was the old all time high gong back to 2011. That level was broken on July 27th and has stayed above since July 29th.  The low price has reached down to $1910.11.  

Stops being triggered.
The sellers are keeping the pressure on the longs. The longs are feeling the pain from a over $100 fall in the precious metal (-5.56% now).

Silver is fairing worse. It has fallen -$4 or -13.97% to $25.05 currently.  Looking at the hourly chart below, the price fell below its 200 hour moving average at $26.30 and then the 30.2% retracement of the move up from the June 17 low at $25.66. Those levels need to be rebroken to the upside to give the buyers/longs more comfort.  On the downside, the 50% retracement at $24.36 is near the last consolidation area from July 3 and 4th before the price started to run to the upside.  I would expect support buyers near that area if they are to save some control.


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