Gold falls to the lowest level since mid-March

The price of gold is trading at $1915.70. The low price reached $1912.90 today. That took the price to the lowest level since March 16.

Looking at the daily chart, the price fell and closed below its 100-day moving average on Tuesday (blue line in the chart above). That moving average comes in at $1942.58. Yesterday the price action remained below that level, and today that momentum to the downside has continued.

The 38.2% retracement of the move up from the September 28, 2022 low comes in at $1903.40 and is the next downside target. Move below that level and the sellers become even more in control off the daily chart. It would take a move back above the 100 day moving average to hurt the bias (at least in the short term

Rates moving higher and the dollar moving higher are contributing to gold’s decline today.

This article was written by Greg Michalowski at Source