David Becker
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Gold prices moved higher on Monday as the dollar continued to trend lower. U.S. Treasury yields moved lower despite a warning from Warren Buffet that prices across the manufacturing spectrum were moving higher. The decline in yields has put downward pressure on the dollar paving the way for higher gold prices. Substantial inflation is beginning to help gold prices gain traction. The higher levels of inflation were reported this weekend by investor Warren Buffet at his annual meeting.

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Technical analysis

Gold prices moved higher.  Resistance is seen near former support near the 10-day moving average at 1,778. Target resistance is seen near the April highs at 1,797 and then the Fibonacci retracement level of 38.2%, which is seen near 1,828. Support is seen near the 50-day moving average at 1,746. The 10-day moving average has crossed above the 50-day moving average which means that a short-term uptrend is now in place. Short-term momentum has turned positive as the fast stochastic generated a crossover buy signal. Medium-term momentum is poised to turn negative as the MACD (moving average convergence divergence) index is above to generate a crossover sell signal. The MACD histogram is printing in positive territory but also poised to generate a crossover sell signal.


Warren Buffet Sees Inflation

Warren Buffett is seeing inflation among Berkshire Hathaway’s collection of businesses. At the annual shareholders meeting Buffet said that “We are seeing very substantial inflation.” He said that “We’ve got nine homebuilders in addition to our manufacture housing and operation, which is the largest in the country.

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