Low day but out of lows
The price of gold spiked higher when the dollar first fell and interest rates lowered, but as yields reversed, the price of gold fell.
Technically, the bull run may have broken a downward sloping trendline near $ 1961. It was also near Monday’s trade highs at $ 1961.89. The upward movement continued with the 50% retracement of the downward movement from August high to August low. This level came to $ 1,969.31.
However, those gains were reversed as yields rose, and the price then moved lower to test the low at $ 1,907.25. The low price hit $ 1,910.13 before rebounding.
The last few hours may have stayed below its 100-hour moving average at $ 1,934.13. If the price can stay below this level, the sellers remain in control.
On the downside, there is a trendline below $ 1907.60. This level and the $ 1900 level are now downside support targets for the precious metal