Gold prices moved lower hitting a fresh 9-month low as a stronger dollar and higher U.S. yields paved the way for lower gold prices. Resistance on the
Gold prices moved lower hitting a fresh 9-month low as a stronger dollar and higher U.S. yields paved the way for lower gold prices. Resistance on the yellow metal is seen near the 10-day moving average at 1,196. A stronger than expected U.S. spending report buoyed the greenback. Momentum remains negative as the MACD (moving average convergence divergence) index prints in the red with a downward sloping trajectory which points to lower prices.
On Wednesday, the Commerce Department reported that consumer spending increased 0.3% after an upwardly revised 0.7% gain in September.Economists had forecast consumer spending would rise 0.4% last month.
David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.
