Gold prices attempted to move higher on Thursday but were unable to gain traction and eventually closed unchanged forming a doji day which reflects
Gold prices attempted to move higher on Thursday but were unable to gain traction and eventually closed unchanged forming a doji day which reflects indecision. Resistance is seen near the 10-day moving average at 1,255. The 10-day moving average has just crossed below the 50-day moving average which shows that a short-term downtrend is now in place. Prices are hovering just above support seen near an upward sloping trend line that comes in near 1,240. A break of this level would likely lead to a quick test of the May lows at 1,215.
Momentum Remains Negative
Momentum is negative as the MACD (moving average convergence divergence) histogram prints in the red with a downward sloping trajectory which points to lower prices for the yellow metal. The RSI (relative strength index) has stabilized reflecting neutral momentum.
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.