Gold has a disappointing session overnight, following equities lower, even as US yields themselves fell. The fading upward momentum is highlighted by gold’s attempts to test $1900.00 an ounce, and subsequent failures there over the past three sessions. More disappointing is its inability to decorrelate itself from falling equity markets, and its ignoring of falling U.S. yields, which should be supportive.
That suggests that the short-term market bought the dip and is now long, but has run out of friends. Gold has resistance at $1900.00 an ounce, followed by the 50 and 100-day moving averages at $1903.00 and $1908.00 an ounce. Trendline support, dating back to April, is nearby at $1867.00 an ounce. A daily close below risks further losses to $1850.00 an ounce, possibly extending to the 200-DMA at USD1790.00 an ounce.
Until gold starts finding support again from falling US yields and can decorrelate itself from the negative equity association, it remains a sell on rallies in the near-term.
For more information please refer to the original article: https://www.marketpulse.com/20...
تم التحرير 18 Nov 2020, 18:18
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