Gold Extends Downmove, Falls Below 200 Day Moving Average

Gold is trading lower for a fourth consecutive day amid concerns over the Eurozone Debit Crisis.

Looking at the daily chart we can see that it has slipped below the ‘line in the sand’ 200 period moving average on the daily chart:

Chart Courtesy of thinkorswim

Price is not far from the support of the 50% retracement level of the swing high/low at 1,652.