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David Becker

Gold prices continued to trend lower on Wednesday ahead of the US Thanksgiving Holiday.  The decline comes despite a falling US dollar and declining US yields. Worse than expected US jobless claims data and dovish Fed minutes weighed on the greenback.

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Technical analysis

Gold prices continued to break down on Wednesday as the downtrend decelerated follow to consecutive large declines to start the week. Support is seen near the July lows at 1,756.  Resistance is seen near the 10-day moving average at 1,859. Short-term momentum has turned negative recently as the fast stochastic generated a crossover sell signal. The current reading on the fast stochastic is 4, well below the oversold trigger level of 20, which could foreshadow a correction. Medium-term momentum remains negative as the MACD (moving average convergence divergence) histogram prints in the red with a declining trajectory which points to lower prices.

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Fed Meeting Minutes are Bullish

Federal Reserve officials in their meeting minutes discussed their asset purchase program in detail and several members said they expect several changes to be enacted. Market participants were looking to the minutes to gauge where policymakers stand on possibly ramping the asset purchase program, which currently has the Fed buying $120 billion of Treasurys and mortgage-backed securities a month.

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