Gold down around 2% on the day
The price of gold has continued its run to the downside (see earlier post). The precious metal is now down over $36 or close to 2% at $1833.64.
Earlier, the price 1st test the 100 moving average and bounced, before moving below at $1851.05. The corrective move higher, off of earlier lows, stalled against that 100 our moving average level keeping the bears/sellers in control.
The next downside target comes in against its 200 hour moving average at $1827.51.Risk remains the 100 hour moving average.
Should the 200 hour moving average be broken, the next target would be the November 25, 26, 27 highs around the $1800 level.
