Wed. Oct 5th, 2022

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Gold tumbles below the physiological $1800 level

1 min read

Gold bars

Down around $36 or 2% at $1779. The low came to $1775

The price of gold has tumbled lower. The fall took the price beneath the $1800 level and appear to trigger stops to the drawback. Moves out of the wellbeing of gold or being ascribed to the fall. It could be liquidity conditions also or potentially streams out of gold into bitcoin (in spite of the fact that bitcoin is off the close to record-breaking significant levels at $19,469 recently and exchanges down at $16,925 presently).

Technically, looking at the daily chart, the price moved below its 200 day moving average today near the $1800 level at $1799.79. The next downside target comes in at the 50% retracement of the move up from the 2020 low in March. That level comes in at $1763.51.
Drilling to the hourly chart below, the Price action over the last month or so has seen the MAs do a decent job of stalling any rallies. That The sellers more in control. Today, the fall below the $1800 level which was a lower earlier in the week, triggered stops. The price has subsequently fallen below a lower trendline on the hourly chart at $1787.26. That is now a close risk level for sellers. Better resistance would be the $1800 are level.

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