Gold prices moved lower as the dollar continued to gain traction as higher U.S. yields are becoming more attractive. Prices of the yellow metal edged
Gold prices moved lower as the dollar continued to gain traction as higher U.S. yields are becoming more attractive. Prices of the yellow metal edged through support near the 1,310 July lows and are poised to test the June lows at 1,250. Resistance is seen near the 10-day moving average at 1,328. Momentum remains negative as the MACD (moving average convergence divergence) index recently generated a sell signal. The index is printing in the red with a downward sloping trajectory which points to lower prices for the yellow metal.
The RSI (relative strength index) moved lower with price action, breaking through support levels and poised to test the 32 reading. The RSI is a momentum oscillator and the negative momentum is reflecting accelerating negative momentum. A print below 30 would indicator an oversold reading on the RSI.
David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.