Gold prices moved higher, as the dollar lost ground, despite rising US yields. Better than expected data from China and Japan helped buoy yields. Riskier assets also gained traction following news that Moderna, a pharmaceutical company, reported that its coronavirus vaccine, had 94.5% efficacy in preventing COVID-19.
Trade gold with FXTM Technical analysis
Gold prices edged higher pushing up against resistance is seen near the 10-day moving average at 1,898. The weekly chart of gold is forming a bull flag continuation pattern which is a pause that refreshes higher. Support is seen near the October lows at 1,850. Short-term momentum has turned positive as the fast stochastic generated a crossover buy signal. The fast stochastic has rebounded from oversold levels below 20 up to 31, which reflects accelerating positive momentum. Medium-term momentum is neutral and poised to turn positive as the MACD (moving average convergence divergence) index looks like it […]
November 17, 2020 Published by StockMan