Gold prices were pushed lower on Wednesday as a stronger dollar eroded the value of precious metals. The stronger than expected Durable goods orders,
Gold prices were pushed lower on Wednesday as a stronger dollar eroded the value of precious metals. The stronger than expected Durable goods orders, released by the U.S. Commerce Department on Wednesday, helped buoy the greenback against most major currencies. With the U.S. expecting the second look at GDP on Thursday, gold traders will need to be on guard in the case of a robust number.
Gold prices sliced through support near the 10-day moving average at $1,133 and are poised to test the lows seen in mid-August at $1,109. Momentum remains positive with the MACD printing in the black but the trajectory is flattening possibly marking an end to the upward momentum.
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.
