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Gold falls in need of the $3900 degree and trades decrease

Gold’s 5-day winning streak is at risk as price pulls back $17.66 (-0.48%) to $3,847.19 after stalling just shy of $3,900 (today’s high $3,897).

The

On the hourly chart, today’s drop briefly broke below the 100-hour MA ($3,837.93) and the 38.2% retracement of the September 24 → today’s rally at $3,828.37. The low printed $3,819.32, but price has recovered back above the 100-hour MA and 38.2%, keeping buyers marginally in control for now.

What flips the script: A move back below $3,837.93/$3,828.37 would hand momentum to sellers. Below there, watch the 50% midpoint at $3,807.74 and the rising 200-hour MA at $3,793.08. Ultimately, if the sellers are to take more control, they need to get and stay below those levels to0.

What reasserts upside: Holding above the 100-hour/38.2% zone keeps the bullish bias intact, with resistance back at $3,897 and then the $3,900 psychological level. We were both $3900 will have buyers looking for the 4000 level – and why not?

Taking a longer you look at the daily chart, since bottoming last on August 19 the price moved up 17.5% to the new all-time intraday high today at $3897.

That move took 30 trading days and saw the price move from a low of $3311 to the high price today at $3897

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