Gold Prices Plummet on Thursday Amid Shift Downward Trend

The price of gold plummeted on Thursday after being rejected by its minor pivot point. This rejection led to four straight days of rangebound trading, a sign that the trend may be shifting down.

According to the swing chart, a break above $4,282.62 would reaffirm the downtrend, while a move through $4,510.93 would change the trend to up.

The 50-day moving average at $4,266.76 is indicating strength, which may be helping to generate the current price action.

The strong downside momentum on Thursday shifted focus to $4,319.60, the top of a short-term retracement zone.