Advertisement
Advertisement

Gold Price Prediction – Prices Rise on Risk of Session

By:
David Becker
Updated: Nov 26, 2021, 16:13 UTC

Gold prices edged higher as the yellow metal benefited from safe-haven status. Riskier assets took it on the chin as concerns of a new South African

Gold Price Prediction – Prices Rise on Risk of Session

Gold prices edged higher as the yellow metal benefited from safe-haven status. Riskier assets took it on the chin as concerns of a new South African COVID-19 strain hammered stocks globally. The dollar reversed course as U.S. yields tumbled as the fear trade moved into full bloom. It was like the markets hit the panic button.

Regulated By:FCA, CySEC , FSCA, FSCM
Headquarters:Cyprus
Foundation Year:2011
Min Deposit:$10
82% of retail CFD accounts lose money
Official Site:
Demo Account:Open Demo Account
Max Leverage:1:30 (FCA), 1:30 (CySEC ), 1:500 (FSCA), 1:3000 (FSCM)
Publicly Traded:No
Deposit Options:Wire Transfer, Credit Card, Skrill, Neteller, , Local Deposit, , Maestro, Visa, Mastercard
Withdrawal Options:Wire Transfer, Credit Card, Skrill, Neteller, Mastercard, , , PerfectMoney, Maestro, Visa
Products:Currencies, Commodities, Indices, Stocks
Trading Platforms:MT4, MT5, ,
Trading Desk Type:No dealing desk, ECN, Market Maker
OS Compatability:Desktop platform (Windows), Desktop platform (Mac), Web platform
Mobile Trading Options:Android, iOS

Technical analysis

Gold prices moved, holding just above support is seen near an upward sloping trend line that comes in near 1790. This level coincides with the 50-day moving average at 1,790. Resistance is seen near the 10-day moving average at 1,825. Medium-term momentum has turned negative as the MACD (moving average convergence divergence index) generated a crossover sell signal. This scenario 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. Short-term momentum has turned positive as the fast stochastic generated a crossover buy signal. Prices are oversold as the fast stochastic is printing a reading of 18, below the oversold trigger level of 20.

The feat trade dominated market activity globally. The U.S. had a short week due to the observance of the Thanksgiving Holiday. Generally, riskier assets benefit through November, but the fear that the variant could spread overwhelmed market participants.

About the Author

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.

Did you find this article useful?

Advertisement