Gold prices briefly slip below 200-day moving average as bullion prices stage major retreat
December gold prices
GCZ20,
on Tuesday briefly fell beneath a closely followed area of a support at $1,800. Futures for the commodity were down nearly 2% and had hit an intraday low at $1,799.80 an ounce, according to FactSet data. The metal’s 200-day moving average, seen by technical analysts as a dividing line between bullish and bearish momentum in an asset, stands at 1,799.94/oz. On Monday, gold tumbled beneath $1,850 and carved out its lowest settlement since July 20, as it broke below a level seen as its first level of support. So far this week, gold is down more than 3.7% as progress toward coronavirus vaccines diminishes the appeal of the haven metal and bolsters buying in riskier areas of the market, including the Dow Jones Industrial Average
DJIA,
and the S&P 500 index
SPX,
