Falls toward trendline support
The price of gold fell below its 100 and 200 hour moving averages (blue and green lines) at $1817.43 and $1812.69 respectively.
The move below both those moving averages tilted the bias more to the downside as buyers turned to sellers.
The price tumble moved down toward a trend line near $1790.63. The low price reached $1792.40 and has rebounded modestly..
Traders will be watching the $1800 level for sellers on a rebound. That level corresponds with the swing low going back to August 31 at $1800.80. Stay below keeps the sellers more in control.
Traders will be watching the $1800 level for sellers on a rebound. That level corresponds with the swing low going back to August 31 at $1800.80. Stay below keeps the sellers more in control.
