Gold prices moved lower on Tuesday slicing through support near the 10-day moving average which is now resistance at 1,283. Prices have declined
Gold prices moved lower on Tuesday slicing through support near the 10-day moving average which is now resistance at 1,283. Prices have declined following the FBI announcement on Sunday that there was no new evidence in the email server case against Clinton. The decline in gold is a contraction in risk aversion which has allowed the dollar to rally.
Additional resistance on the yellow metal is seen near last week’s highs at 1,308. Support on gold prices is seen near the October 27 lows at 1,261. Momentum has turned neutral as the MACD (moving average convergence divergence) index prints in the black with a flattening trajectory which reflects consolidation.
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.
