Gold - The Future is Bright
Gold has certainly taken a turn for the better in recent days, despite the Fed not deeming it not necessary to provide any new stimulus measures, instead extending those already in place.
This marginal easing appears to have done the job though. The dollar has continued to fall, 10 year yields haven't spiked and US stock markets are in record territory. Gold, meanwhile, maintained the pre-meeting momentum and came within a whisker of $1.900.
It's pulled back since, with the 55/89 SMAs providing suitable resistance around $1,900 psychological resistance.
The outlook is looking much brighter for gold if it can overcome $1,900. A failure to do so could see it consolidate into the new year between here and $1,800, where the 200/233 SMAs are offering support.
This marginal easing appears to have done the job though. The dollar has continued to fall, 10 year yields haven't spiked and US stock markets are in record territory. Gold, meanwhile, maintained the pre-meeting momentum and came within a whisker of $1.900.
It's pulled back since, with the 55/89 SMAs providing suitable resistance around $1,900 psychological resistance.
The outlook is looking much brighter for gold if it can overcome $1,900. A failure to do so could see it consolidate into the new year between here and $1,800, where the 200/233 SMAs are offering support.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.