FXEMPIRE
All
Ad
Advertisement
Advertisement
David Becker
Add to Bookmarks

Gold prices moved lower as the dollar consolidated. U.S. Treasury yields moved higher following stronger than expected consumer income and spending numbers reported on Friday by the Commerce Department. The dollar recovered some of its weekly losses but has been under pressure. Eurozone GDP came in worse than expected which weighed on the EUR/USD and capped the upside movements in gold prices.

Trade gold with FXTM

Advertisement
Know where Gold is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

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 eased on Friday giving back some of the gains experienced earlier in the week.  Resistance is seen near former support near the 10-day moving average at 1,778. Target resistance is seen near the Fibonacci retracement level of 38.2%, which is seen near 1,828. Support is seen near the 50-day moving average at 1,745. 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 is negative but consolidating as the fast stochastic started to consolidate. 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.

Advertisement

Consumer Spending Rose

March personal income increased by 21.1%, which was the highest since the agency began recording these figures going back to 1959. This scenario is the result of new $1,400 stimulus checks. Spending was also up sharply, increasing 4.2%, which was the steepest month-over-month increase since last summer.

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