Gold prices remained rangebound edging slightly higher and unable to gain traction despite a decline in the greenback which was offset by a rally in US yields. This came as the US and China have announced that an agreement in principle was all but complete.
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Gold prices attempted to move higher as the dollar whipsawed but were unable to push through resistance near the moved higher pushing through short-term resistance near the 50-day moving average near 1,479. Short term support seen near the 10-day moving average at 1,469. Prices remain in a downward sloping consolidation pattern, after running up to fresh multi-year highs in September. Short term momentum has turned positive as the fast stochastic generated a crossover buy signal. Medium-term momentum is neutral as the MACD histogram prints in the black with a flat trajectory which points to consolidation.
This article was originally posted on FX Empire
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