Gold prices surged higher, rising 2.3%, as the dollar declined and yields consolidated. Gold had been viewed as a riskier asset and after a 3-day rally in stocks, gold prices finally moved higher. The dollar moved lower as yields remained subdued after the 10-year dropped from 92-basis points on Tuesday to 75-basis points on Thursday. The Fed kept rates unchanged while the BoE increased its bond purchase program by more than expected.
Trade gold with FXTM Technical analysis
Gold prices surged higher rising 2.3% on Thursday and broke out of a tight range. Support on the yellow metal is seen near the 50-day moving average at 1,914, and then the 10-day moving average at 1,896. The 10-day moving average is poised to cross above the 50-day moving average which would mean a short-term uptrend was in place. Short-term momentum is positive as the fast stochastic continued to accelerate higher. Medium-term […]
November 7, 2020 Published by StockMan