Technical Analysis

Reached a high today of $1900.64

The price of gold has given up its gains for the day and trades at new session lows. 

The precious metal traded up as high as $1900.64, before losing steam after hopes for a stimulus deal started to fade.  The price is currently trading at $1882.70, $-4.79 or -0.25%

The low for the day has reached $1882.30.

Looking at the daily chart below, the low for the week reached $1872.98 yesterday. That was just below the 50% retracement of the move up from the June low at $1873.22. A move below that level would have traders targeting the 100 day moving average at $1860.44. At the end of September that moving average line was tested and found support buyers. A move below that level would be more bearish for the precious metal.

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