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David Becker

Gold prices rebounded from session lows and closed in the black on Tuesday, despite a stronger US dollar. US yields also remain elevated but edged lower. German data is showing some small signs of improvement. President Donald Trump in a speech before the Economic Club of New York on Tuesday to hammered the Federal Reserve, saying that although the stock market has surged 45% since he was elected, if the Fed has eased rates further the returns would be 25% higher than they currently are according to President Trump.


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Technical Analysis

Gold prices rebounded from session lows to close in the black. Prices made a lower low rebounding from support near 1,445. Short term resistance is seen near the 100-day moving average at 1,477, and then the 10-day moving average at 1,484. Support on the yellow metal is seen near the October lows at 1,426.  Short term momentum has turned negative. The fast stochastic generated a crossover sell signal. The current reading on the fast stochastic is 10, well above the oversold trigger level. Medium-term momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average, crosses below the MACD signal line (the 9-day moving average of the MACD line). The MACD histogram is printing in the red with a downward sloping trajectory which points to lower prices.


German Data Improves

Germany, the EU’s large economy, reported slightly better than expected survey data. The ZEW Survey’s current situation component remains weak at -24.7 in November, the expectation component came in at -2.1, which was the highest the index has been in the past 6-months. It also far better than the -13.0 expected and the -22.8 figure seen last month.

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