Gold prices moved sideways edging slightly higher closing up approximately 0.25% for the week. This came as the dollar moved lower and Treasury yields took a break from their recent climb. A stronger than expected US Markit PMI index failed to further lift treasury yields. Germany’s manufacturing PMI rose to 58.0 from 56.4, which was better than expected.
Trade gold with FXTM Technical analysis
Gold prices consolidated remaining below resistance near the 10-day moving average at 1,906. Support is seen near the October lows at 1,872. Short-term momentum has whipsawed and turned positive after recently turning negative as the fast stochastic generated a crossover buy signal on the upper end of the neutral range. Medium-term momentum remains neutral to positive as the MACD histogram prints in the black with an upward sloping trajectory that points to a slow trend higher. US Composite PMI Rises More than expected
The US Flash […]
October 27, 2020 Published by StockMan