Gold futures traded to a lower low than yesterday but held above its 50-day simple moving average. Today gold traded to a low of $1785.40, below yesterday's low of $1787.60. That's $0.10 below the 50-day moving average which is currently fixed at $1785.50
According to Investopedia,"The 50-day simple moving average is popular with traders and market analysts because historical analysis of price movements shows it to be an effective trend indicator." The chart above is a daily Japanese candlestick chart of the dollar with three moving averages plotted . It is an excellent example of a market that is in a strong bullish uptrend. In August 2021 the dollar index based on these three moving averages came into full bullish alignment. The strength of an uptrend can be visually determined by the distance between each of the moving averages.
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Dollar strength and selling pressure resulted in gold plunging below $1800Exclusive to Kitco News, technical analyst Gary Wagner provides a daily recap of what happened in the gold market, highlighting important events that captured investors' attention during the U.S. trading session. Wagner's commentary features a mix of fundamental news and technical analysis, noting important support and resistance levels. Just the worthless manipulated paper trade by the CMEGroup. How do we know it’s manipulated? Because the physical price never dropped and is selling hundreds above the futures & spot. The demand is outpacing supply and physical is nearly impossible to get. Every oz is scooped up
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »
Dollar strength and selling pressure resulted in gold plunging below $1800Exclusive to Kitco News, technical analyst Gary Wagner provides a daily recap of what happened in the gold market, highlighting important events that captured investors' attention during the U.S. trading session. Wagner's commentary features a mix of fundamental news and technical analysis, noting important support and resistance levels. Just the worthless manipulated paper trade by the CMEGroup. How do we know it’s manipulated? Because the physical price never dropped and is selling hundreds above the futures & spot. The demand is outpacing supply and physical is nearly impossible to get. Every oz is scooped up
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »