Gold prices edged lower as the dollar rebounded slightly in the wake of the US Presidential election. Gold had been viewed as a riskier asset when stocks were rising and falling before the election but have but there was no follow-through on the rally that had ensued over the past 3-trading session. The dollar moved slightly higher while yields tumbled, following softer than expected US payroll data.
Trade gold with FXTM Technical analysis
Gold prices moved lower and appear to be trading sideways. Resistance is seen near the 50-day moving average at 1,913. Support on the yellow metal is seen near the 10-day moving average at 1,894. Short-term momentum is positive as the fast stochastic generated a crossover buy signal. The current reading on the fast stochastic is 56, up from 48 which reflects accelerating positive momentum. Medium-term momentum has turned positive as the MACD (moving average convergence divergence) index […]
November 5, 2020 Published by StockMan