Gold prices traded sideways despite rising US yields. The US dollar moved lower but this failed to buoy the yellow metal, which has become uncorrelated to riskier assets. It appears that Bitcoin has taken the mantel from gold as an alternative asset that is buoyed by risk-on news.
Trade gold with FXTM Technical analysis
Gold prices edged lower sandwiched between resistance near the 10-day moving average at 1,891. The weekly chart of gold is forming a bull flag continuation pattern which is a pause that refreshes higher. Support is seen near the October lows at 1,850. Short-term momentum has turned negative as the fast stochastic generated a crossover sell signal. Medium-term momentum is neutral to negative as the MACD (moving average convergence divergence) histogram prints in the red with a declining trajectory which points to consolidation. US Housing Start Rise More than Expected
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November 19, 2020 (updated November 19, 2020) Published by StockMan