Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
David Becker


Gold prices consolidate their weekly gains on Friday as the dollar rebounded. The Greenback fell to a 33-month low on Thursday and continued to lift the week’s commodity complex. US yields moved higher despite a decrease in riskier assets. US leading economic indicators came out slightly better than expected while the US current account deficit widened by more than expected.

Know where Gold is headed? Take advantage now with 

75% of retail CFD investors lose money

Trade gold with FXTM

Regulated By:CySEC, FCA, FSC

Foundation Year:2011

Headquarters:30 Churchill Place, London, E14 5EU, UK

Min Deposit:$10

Visit Broker

82% of retail CFD accounts lose money

Technical analysis

Gold prices traded lower on Friday finishing the week up 2.18%, above support near the 50-day moving average near 1,871. Target resistance is now seen near the November highs at 1,960.  Short-term momentum has turned positive as the fast stochastic generated a crossover buy signal. Prices are overbought. The current reading on the fast stochastic is 89, above the overbought trigger level of 80, which could foreshadow a correction. Medium-term momentum is positive as the MACD (moving average convergence divergence) histogram prints in the black with an upward sloping trajectory which points to higher prices.


Leading Economic Indicators Beat Expectations

The leading economic index increased 0.6% last month, according to the Conference Board. That was a bit better than Wall Street had forecast. The index had risen 0.8% in October and 0.7%. The U.S. current-account deficit, a measure of the nation’s debt to other countries, rose 10.6% largely in the third quarter because of an increase in the trade gap on goods.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk