Technical Analysis Gold for 11/4/15
Gold prices moved lower on Tuesday as U.S. yields continue to move higher, making the U.S. dollar more attractive and reducing the value of the yellow metal. Tuesday’s stronger than expected auto sales helped buoy the greenback.
Gold prices dropped to trend line support which is created from an upward sloping trend line that connects the lows in June to the lows in October and comes in near 1,116. Momentum is negative with the MACD printing in the red with a downward sloping trajectory. The RSI (relative strength index) moved lower with price action reflecting accelerating negative momentum.