Gold prices moved higher on Friday rebounding from Thursday slide despite a gain in the greenback and higher US yields. Riskier assets sold off as traders took profits on technology equities despite robust earnings results. US consumer spending was stronger than expected while the Chicago PMI (the final regional PMI number)ahead of the National number on Monday) edged slightly lower.
Trade gold with FXTM Technical analysis
Gold prices higher generating a higher low and a higher high and are poised to test resistance seen near the 10-day moving average at 1,897. Support on the yellow metal is seen near the September lows at 1,848. Short-term momentum is negative as the fast stochastic recently generated a crossover sell signal on the upper end of the neutral range and continues to accelerate lower. The current reading on the fast stochastic is 17, below the oversold trigger level of 20 which could foreshadow […]
October 31, 2020 (updated October 31, 2020) Published by StockMan