Gold falls to the lowest level since mid-March

The price of gold Gold Gold is the most widely traded and important commodity. Prized for its historical importance and used for trading an exchange of goods, the gold market today is estimated at nearly $2.4 trillion.The value of gold fluctuates constantly, as it trades on public exchanges where it has a price that is determined by supply and demand. Gold has historically had tremendous significance and even today is extremely sought after. Gold has been used as a currency as it doesn't corrode, and the material allo Gold is the most widely traded and important commodity. Prized for its historical importance and used for trading an exchange of goods, the gold market today is estimated at nearly $2.4 trillion.The value of gold fluctuates constantly, as it trades on public exchanges where it has a price that is determined by supply and demand. Gold has historically had tremendous significance and even today is extremely sought after. Gold has been used as a currency as it doesn't corrode, and the material allo Read this Term is trading at $1915.70. The low price reached $1912.90 today. That took the price to the lowest level since March 16.

Looking at the daily chart, the price fell and closed below its 100-day moving average on Tuesday (blue line in the chart above). That moving average Moving average A moving average is a statistical tool that is used to smooth out short-term fluctuations in data and reveal longer-term trends. It is calculated by taking the average of a certain number of data points over a specific period of time, and then plotting that average as a line on a chart. The most common types of moving averages are simple moving averages (SMA) and exponential moving averages (EMA).In financial markets, moving averages are often used to analyze stock prices, exchange rates, and ot A moving average is a statistical tool that is used to smooth out short-term fluctuations in data and reveal longer-term trends. It is calculated by taking the average of a certain number of data points over a specific period of time, and then plotting that average as a line on a chart. The most common types of moving averages are simple moving averages (SMA) and exponential moving averages (EMA).In financial markets, moving averages are often used to analyze stock prices, exchange rates, and ot Read this Term comes in at $1942.58. Yesterday the price action remained below that level, and today that momentum to the downside has continued.

The 38.2% retracement of the move up from the September 28, 2022 low comes in at $1903.40 and is the next downside target. Move below that level and the sellers become even more in control off the daily chart. It would take a move back above the 100 day moving average to hurt the bias (at least in the short term

Rates moving higher and the dollar moving higher are contributing to gold's decline today.