Gold prices reversed course on Monday, tumbling lower and testing support, as the dollar rose and US yields surged. The 10-year US treasury yield surged higher on Monday rising to 95-basis points, a robust 14-basis point climb. US yields rose following news that Pzifer announced that it had great success with its COVID-19 vaccine. The 90% success rate help buoy the equity markets putting upward pressure on US yields. This helped buoy the dollar paving the way for lower gold prices.
Trade gold with FXTM Technical analysis
Gold prices reversed its upward climb and tumbled on Monday. Prices sliced through support near the 50-day moving average at 1,900, which is now seen as short-term resistance. Prices appear to have bounced just ahead of support near the September lows at 1,848. Short-term momentum is negative as the fast stochastic generated a crossover sell signal. Medium-term momentum has turned neutral and is […]
November 10, 2020 (updated November 10, 2020) Published by StockMan