Gold prices moved lower on Tuesday slumping down to support levels as the U.S. dollar gained traction against most major currencies. Riskier assets
Gold prices moved lower on Tuesday slumping down to support levels as the U.S. dollar gained traction against most major currencies. Riskier assets benefited earlier in the trading session, but edged lower throughout the North American trading session putting downward pressure on gold prices.
Gold slumped to support near the 10-day moving average at $1,133. The close below the trend line breakout which connected the highs in May to the highs in June came in at $1,147, and Tuesday’s close at $1,140 is a negative sign. Momentum remains positive with the MACD (moving average convergence divergence) index printing in the black with a flat trajectory.
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.
