Gold prices traded lower on Monday creating an outside day down pattern that is generally considered a reversal pattern. Prices made a higher high for
Gold prices traded lower on Monday creating an outside day down pattern that is generally considered a reversal pattern. Prices made a higher high for the move, but then reversed lower closing down on the session. This came despite a selloff on the greenback which saw the Euro and Yen soar relative to the dollar.
Gold is now poised to test support near the 10-day moving average near $1,129. Resistance is seen near Monday’s highs at 1,169. Momentum remains positive with the MACD (moving average convergence divergence) index printing in the black with an upward sloping trajectory. The RSI moved from oversold territory lower and the current trajectory points to lower gold prices.
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.
