Gold At Key Support Level

Gold At Key Support Level

Russell Shor Russell Shor

Russell Shor

Senior Market Specialist @ Tradu | Certified Financial Technician, Master of Financial Technical Analysis

发布日期: 2018年5月2日
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Gold has moved sideways for most of 2018 (blue rectangle). However, the precious metal may have moved from a distribution pattern into a mark-down phase. It’s green 5-day EMA is below its orange 13-day EMA, and its orange 13-day EMA is below its black 34-day EMA. This is indicative of a bearish formation. Currently gold is testing support at its red 200-day SMA (green ellipse). This is on the back of the US 10-year bond showing relative strength to other yields which, in turn, is leading the USD up. A rising dollar typically hurts commodities and gold in particular (there is an inverse relationship between the green back and gold). If the red 200-day SMA fails to hold, we are likely to see a further mark-down in the precious metal.

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