FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
30,694,541Confirmed
956,438Deaths
22,336,284Recovered
Fetching Location Data…
Advertisement
Advertisement
David Becker

 

Gold prices rebounded on Tuesday, after sliding for 2-consecutive trading days. Prices moved higher as riskier assets eased. US yields moved lower which weighed on the US dollar which paved the way for higher gold prices. To help buoy the US economy, President Trump said the White House is examining stimulus such as reducing capital-gains taxes, while maintaining that growth remains strong.

Trade gold with FXTM

 

Regulated By:CySEC, FCA, FSC

Foundation Year:2011

Headquarters:FXTM Tower, 35 Lamprou Konstantara, Kato Polemidia, 4156, Limassol, Cyprus

Min Deposit:$10

Visit Broker

90% of retail CFD accounts lose money

Technical Analysis

 

Gold prices rebounded on Tuesday as US yields eased and the dollar slipped. Prices are retesting a 6-year high. Prices have pushed back through resistance which is now support near the 10-day moving average at 1,506.  Resistance is seen near the August highs at 1,534. Short term momentum remains negative as the fast stochastic recently generated a crossover sell signal but it has moved out of the overbought territory and continues to have a downward trajectory. Medium-term momentum is turning negative as the MACD (moving average convergence divergence) histogram is printing in the black with a declining trajectory. The MACD is poised to generate a crossover sell signal.

Advertisement

Trump Wants an Interest Rate Cut

The president continues to rip Fed Chair Jerome Powell ahead of the symposium in Jackson Hole Wyoming this week. This was the latest in a string of disparaging remarks from Mr. Trump since appointing Mr. Powell to lead the Fed. Mr. Trump has lauded economic systems, such as in China, where central banks are under tight control, a view that has raised worries among current and former Fed officials.

Separately, Mr. Trump said his administration was looking at various tax cuts including a proposal to reduce capital-gains taxes by indexing them to inflation, a move that would disproportionately benefit wealthy Americans. The president also suggested he could impose the indexing change through regulatory action rather than through Congress.

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

Latest Articles

See All

Expand Your Knowledge

See All

Trade With A Regulated Broker

  • Your capital is at risk