Its in one of those liquidation voids
The price of gold suddenly and took a sharp move to the downside. The price is currently down around $20 or -1.2% at $1653 and volatile trading. The high for the day reached $1690. The low has so far extended to $1642.73. The move is remind full of last Friday’s sharp declines which is all the precious metal fall around $50 on the day
Technically, the high price today of $1690 did take out the high price going back to February 24 at $1689.31. However the break did not solicit more upside momentum. That started the rotation back to the downside.
The price has corrected toward the 38.2% retracement of the move up from the February 28 low (last Friday) that level comes in at $1641.51. Just below those levels sit the 100 hour moving average at $1637.60 and the 200 hour moving average at $1635.45. The combination of those technical levels seem to be attracting some buying. As I type the price has already rebounded to around the $1659 level.