Gold prices moved higher but the price action continued to form a sideways range. The dollar moved lower along with US treasury yields which appear to have broken down below support near the 50-day moving average. A stronger than expected durable goods orders failed to lift yields which weighed on the greenback and paved the way for higher gold prices.
Trade gold with FXTM Technical analysis
Gold prices moved higher but continue to enjoy a consolidative tone. Gold prices edged above resistance near the 10-day moving average at 1,906, which is now seen as support. Additional support is seen near the October lows at 1,872. Resistance is seen near the 50-day moving average at 1,919. Short-term momentum has whipsawed turning negative as the fast stochastic generated a crossover sell signal on the upper end of the neutral range. Medium-term momentum remains neutral as the MACD histogram prints in the black […]
October 28, 2020 (updated October 28, 2020) Published by StockMan