The price of gold has tumbled today with the sharp rise in the USD today. The price moved down -$47.68 at session lows today. The price is currently down -$32.74 which is still down -1.60%. The current price is at $2007.40. The low reached $1992.59.

Looking at the hourly chart, the fall today extended below the 100 hour MA and then the 200 hour MA next at $2015.58 and $2010.74 respectively.

The low today stalled just ahead of the 50% midpoint of the move up from the March 22 low. That comes in at $1991.35.

What next?

The 200 hour MA will now be eyed as resistance (at $2010.74). Stay below is more bearish. Move above it and then the 100 hour MA at $2015.57 and given the recent volatility it will could „fast break the other way“ once again.

The USD is seeing some downward drift over the last 3 or so hours. That is certainly helping the corrective tones today.

For the trading week. The price is trading near unchanged on the week (down about -$0.50 or -0.02%). The high took the price up $41.74. The low took the price down -$25.27

This article was written by Greg Michalowski at www.forexlive.com.