The price of gold traded as high as $2618.84. At session highs, the price was up $20.94 and it looked like the 3-day slide was going to be snapped.
However, the price has since reversed back to the downside and the price is now trading down -$22.26 or -0.87% at $2575.49.
Technically, the price has moved below a trend line connecting the February low to the August low. That level cuts across at $2588. Staying below is more bearish. On the downside, the price is also getting closer to the rising 100-day MA at $2540.36. Just ahead of that is the swing low from September 18 at $2546.64.
This article was written by Greg Michalowski at www.forexlive.com.
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