Gold prices edged higher but consolidated below resistance levels. The US dollar moved lower on Friday, paving the way for higher gold prices. US yields edged higher, following a slightly higher than expected US producer price report. US consumer sentiment declined as republicans were more upset about the election than Democrats were happy.
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 1,897 and then the 50-day moving average at 1,908. Short-term momentum is neutral but the fast stochastic generated a crossover buy signal. The fast stochastic has stopped accelerating lower and is currently printing a reading of 21, just above 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 a crossover sell […]
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