Thursday Slide Retests Prior Low
Gold continued to weaken on Thursday, falling to a low of $4,244 and retesting support near the recent low of $4,235 (C) and the 61.8% Fibonacci retracement of the prior advance at $4,241. Support failed to hold at the uptrend line following a failure of support at the 50-day moving average on Wednesday, adding to signs of downward pressure. If the prior low breaks as support, the lower swing high, which previously signaled a bullish reversal on during the recent advance, becomes the next downside target at $4,203.