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David Becker
Silver daily chart, September 09, 2019

Gold prices moved lower on Monday, despite the dollar easing against the Euro. US yields rebounded as riskier assets were buoyed. Gold has been experiencing negative sentiment as safe-haven flows slide back and forth. China reported weaker than expected August trade data which shows that the worlds second-largest economy is contracting.

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 Technical Analysis

Gold prices continued to slide moving lower on Monday for the third consecutive trading session. Resistance is seen near the 10-day moving average at 1,529. Support is seen near the 50-day moving average at 1,467. Short term momentum has turned negative as the fast stochastic generated a crossover sell signal. The fast stochastic is accelerating to the downside reflecting increasing negative momentum. Medium-term momentum is negative as the MACD histogram is printing in the red with a downward sloping trajectory which points to lower prices.

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China Reports Weak Trade Data

China reported weaker August trade data.  According to the ministry of finance. exports contracted -1% year over year versus the 2.2% rise that was expected. Imports into China contracted -5.6% year over year versus expectations that they would fall by -6.4%.  Some reports suggest the weak data seen so far for August will lead the PBOC to add more stimulus.  The PBOC last week reduced regulatory requirements which is a subtle way of adding stimulus.  The Chinese central bank is likely to wait to see how the banking system reacts to this latest cut before easing again.

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