The prices of this commodity were rebounding from session lows forming a doji with a long tail, due to US yields moving lower and having the USD rising against most major currencies.
Now stock prices moved higher, which buoyed treasury prices and lowered yields paving the way for higher gold prices. Having the White House believes that if the government won’t open that the US economy could be showing later no growth in the first quarter of 2019.
Thanks to how prices are rebounding, gold ended session lows on Wednesday and closed nearly unchanged, with nothing but staying below resistance, forming support near the 20 days moving average at 1,284. Additional support on the yellow metal can be found near the 50 days moving average around the 1,250 marks.
Momentum, at the moment, is negative, with the MACD histogram printing on a downward sloping trajectory, pointing at future accelerating negative energy and lower prices.
Having a fast stochastic continue generating crossover sell signals in neutral territory, will reflect accelerating positive momentum, with current reading on the fast stochastic being 29, going above the oversold trigger level of 20 could go in the lower end of the neutral range.
Latest Forex News, Analysis & Market Moving Events: