Gold gives up earlier gains. Trades negative on the day
The 100 day MA and the 50% retracement stalled the rally today
The price of gold has move negative on the day and in the process traded to a new session low of $1777.28. The high for the day reached $1794.98.
Looking at the daily chart, the high for the day stalled near its 100 day moving average of $1792.70. The 50% midpoint of the range since March comes in at $1796.72. Today’s high stalled between those two key technical levels.
Staying below those levels, kept the sellers in play and the technical bias more negative. The price moved lower.
The next target on the downside is the 61.8% retracement of the same move up at the $1768.44. The cycle low since peaking at the start of the month (at $1916.53) reached $1761.04.