After $48 run higher yesterday, the precious metal is down -$13 in early trading today
Yesterday, the price of gold shot up from about $1400 to around $1448 as investor flocked into gold as yields plummeted following the increase in tariffs between the US and China.
Today, the story is a bit different with the price now down around $13 to a low of $1431.39. We currently trade $1432.72.
The move lower has taken the price back below last week’s high at $1433.84. That was also a high price on Tuesday. Stay below that level would be more bearish.
The 100 and 200 hour moving averages are currently around the 1423 level. The price over the last few weeks zigzag above and below those moving averages.
In another commodity which also moved sharply yesterday, crude oil is trading up near $1 at $54.88. Yesterday, the price tumbled -$4.63 or 7.90%. The low price got close to a lower trend line at $53.47. The low reached $53.59 before rebounding higher.