Gold prices edged higher and are consolidating just above support levels. The 10-year US treasury yield reversed course as riskier assets such as stocks moved lower. The dollar moved higher but failed to put downward pressure on gold. US CPI was flat and was the tamest it’s been in 2020. US jobless claims continued to move lower.
Trade gold with FXTM Technical analysis
Gold prices edged higher near support levels which coincides with the September lows at 1,848. Resistance is seen near the 10-day moving average at 1,896 and then the 50-day moving average at 1,908. Short-term momentum is negative as the fast stochastic generated a crossover sell signal. The fast stochastic has stopped accelerating lower and is currently printing a reading of 19, below the oversold trigger level of 20 which could foreshadow a correction. Medium-term momentum has turned negative as the MACD (moving average convergence divergence) index generated […]
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