Down around $36 or 2% at $1779. The low reached $1775

The price of gold has tumbled lower.  The fall took the price below the $1800 level and seem to trigger stops to the downside.  Moves out of the safety of gold or being attributed to the fall. It may be liquidity conditions as well, and/or flows out of gold into  bitcoin (although bitcoin is off the near all time high levels at $19,469 earlier this week and trades down at $16,925 currently). 

Technically, looking at the daily chart, the price moved below its 200 day moving average today near the $1800 level at $1799.79. The next downside target comes in at the 50% retracement of the move up from the 2020 low in March. That level comes in at $1763.51.

Drilling to the hourly chart below, the Price action over the last month or so has seen the MAs do a decent job of stalling any rallies. That The sellers more in control. Today, the fall below the $1800 level which was a lower earlier in the week, triggered stops. The price has subsequently fallen below a lower trendline on the hourly chart at $1787.26. That is now a close risk level for sellers. Better resistance would be the $1800 are level.



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