Gold prices moved higher for the second consecutive trading session. This comes despite a rising dollar. US yields moved lower on Monday, despite a stronger than expected US ISM manufacturing report which paved the way for lower gold prices. Riskier assets were mixed. With the general election in the US on Tuesday, markets will remain on edge. A Biden victory is priced into the markets, but given the results of the 2016 election, it’s impossible to tell.
Trade gold with FXTM Technical analysis
Gold prices moved higher on Monday testing resistance seen near the 10-day moving average at 1,896. Support on the yellow metal is seen near the September lows at 1,848. Short-term momentum is positive as the fast stochastic generated a crossover buy signal. The current reading on the fast stochastic is 28, up from 17 which reflects accelerating positive momentum. Medium-term momentum is negative as the MACD (moving […]
November 3, 2020 (updated November 3, 2020) Published by StockMan