Gold prices slipped lower early in the trading session on Tuesday edging through support which is now resistance near the 10-day moving average at 1,330.
Gold prices slipped lower early in the trading session on Tuesday edging through support which is now resistance near the 10-day moving average at 1,330. Prices rebounded in the afternoon, despite a risk on rally, closing the session above the open. Stronger than expected UK inflation figures gave a boost to gold prices. The yellow metal has been under pressure as volatility declined following this weekend when North Korea failed to launch a new missile test.
Support is seen near the late-August lows at 1,300. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. This occurs as the spread (the 12-day moving average minus the 26-day moving average) crosses below the 9-day moving average of the spread. The MACD histogram is printing in the red with a downward sloping trajectory which points to lower prices for the yellow metal.
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.