FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
135,875,133Confirmed
2,937,182Deaths
109,251,619Recovered
Fetching Location Data…
Advertisement
Advertisement
David Becker

Gold prices moved higher, although the dollar continued to rise.  Since gold prices are quoted in U.S. dollars, a stronger greenback will generally weigh on the value of the yellow metal. The 10-year Treasury yield attempted to move higher but was unable to gain traction and dropped another 2-basis points following a substantial decline on Monday and Tuesday.

Trade gold with FXTM

Advertisement
Know where Gold is headed? Take advantage now with 

75% of retail CFD investors lose money

Regulated By:CySEC, FCA, FSC

Foundation Year:2011

Headquarters:30 Churchill Place, London, E14 5EU, UK

Min Deposit:$10

Visit Broker

82% of retail CFD accounts lose money

Technical analysis

Gold prices moved higher, rebounding from Tuesday’s slide. Prices were unable to recapture resistance resistance near the 10-day moving average at 1,734. Target resistance is now seen near the 50-day moving average at 1,788. Additional support is seen near the June lows at 1,670.   Short-term momentum has flipped and is now negative as the fast stochastic generated a crossover sell signal, just above the oversold trigger level, and has now moved lower.  The current reading on the fast stochastic is 76, just below the overbought trigger level of 80, foreshadowing a correction. Medium-term momentum has turned positive. The MACD histogram is printing in positive territory with an upward sloping trajectory which points to higher prices.

Advertisement

Durable Goods Orders Fall

Durable goods orders decreased by 1.1% in February after jumping 3.5% a month earlier. Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, dropped 0.8% last month. Core capital goods orders gained 0.6% in January. Expectations were for  core capital goods orders would rise 0.5%. Core capital goods orders surged 8.5% on a year-on-year basis in February.

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

Trade With A Regulated Broker

  • Your capital is at risk