The price of gold is down $35 or -1.82% at $1894.50. The low price reached $1891.64. The high price for the day was up at $1935.14.
The precious metal is down three consecutive days, and four of the last five trading days. Since the most recent peak on April 18 at $1998.39 (6 days ago), the price has moved down $106 or -5.34%.
Looking at the daily chart, the March lows came in at $1895.13 on March 16 and $1890.35 on March 29. The March 1 low was at $1901.50. The $1890 to $1901 range is a swing area that would need to be broken to increase the bearish bias (see green numbered circles).
The next downside target on a break of the March lows, would be the February 24 low at $1878. That level also corresponds roughly with the November 16, 2021 high at $1877.15 (see red numbered circles). The rising 100 day moving averages is also near that area at $1874.05, as is the 61.8% retracement of the move up from the December low at $1874.32.
Will support hold near $1890 in push back above $1901, or will the sellers continue the run to the downside and looked toward the $1874 to $1878 area?
Key area for both buyers and sellers.
