Gold tumbles after breaking moving averages


Falls toward trendline support

The price of gold fell below its 100 and 200 hour moving averages (blue and green lines) at $1817.43 and $1812.69 respectively. 

The move below both those moving averages tilted the bias more to the downside as buyers turned to sellers. 

The price tumble moved down toward a trend line near $1790.63. The low price reached $1792.40 and has rebounded modestly..

Falls toward trendline support_
Traders will be watching the $1800 level for sellers on a rebound. That level corresponds with the swing low going back to August 31 at $1800.80. Stay below keeps the sellers more in control.
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