FRX: Gold Sellers Enter And Push The Metal Down Sharply
Gold fell about $14 in the last 15 or so minutes after failing to solicit buying interest above the 200 hour MA and the 50% retracement (of the move up from the March 22nd low). The quick retreat pushed the price below the earlier low from the day (and low from yesterday) and the 61.8% retracement at the 1654.24 area. This will now be eyed as a topside resistance area.
Looking at the 5 minute chart, the 38.2%-50% retracement of the move down comes in at the 1653.29-1654.92. Staying below this level is a signal to me that the sellers are happy sell more. It also should pressure any longs.
