They say that the strength of USD is hurting GOLD. Will it continue?
Shorting GOLD here?
1 Chart 2 Date Ranges
To Risky to Short #GOLD? pic.twitter.com/VItIoC5BZ1— Mario Randholm (@MarioRandholm) June 26, 2018
To Risky to Short #GOLD? pic.twitter.com/VItIoC5BZ1
Second Date Range
Too Risky to Short #GOLD? pic.twitter.com/RuPOoyZheU— RandBots (@randbots) June 26, 2018
Too Risky to Short #GOLD? pic.twitter.com/RuPOoyZheU
A bearish chart pattern has developed in gold trading, indicating that the precious metal is likely to extend a recent downtrend that has dragged it to its lowest level in 2018, even as signs of global uncertainty have intensified and should actually benefit the safe haven commodity. The current pressure has resulted in the 50-day moving average for gold prices, currently at $1,302.26 an ounce, falling below its longer-term 200-day moving average at $1,304.20. That forms a technical pattern known as a death cross, where the short-term trend line slips beneath the long-term moving average. Many technical analysts believe this death cross marks the area a short-term decline continues into a longer-term downtrend. Strategists have attributed the recent decline in gold to a dollar that has strengthened sharply against its rivals over the past several weeks, as the Federal Reserve, continues its plan to raise benchmark interest rates, which is ultimately bullish for the greenback.
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Mario Randholm Blog. Mario is the founder of Randholm & Co. S.A.C., an investment management company dedicated to producing superior returns for its clients and employees by adhering to mathematical and statistical methods.