Gold trades below its 100-day MA as hope of a potential debt-ceiling resolution advances

Gold futures basis the most active June 2023 Comex contract traded briefly below the 100-day simple moving average at $1939.50. Gold futures traded to a low of $1939 just $0.50 below its 100-day moving average which technical traders use as a benchmark to determine the interim trend of a stock or commodity. As of 5:00 PM EDT, the June contract is currently down $22.90 or 1.17% and fixed at $1941.70.

According to Reuters News,"U.S. President Joe Biden and top congressional Republican Kevin McCarthy on Thursday appeared to be nearing a deal to cut spending and raise the government's $31.4 trillion debt ceiling, with little time to spare to head off the risk of default."

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Extreme dollar strength and 1 month T-Bills yielding 5.59% move gold lowerExclusive 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.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »