Free Trial

The yellow metal trade $3 lower overnight in...>

GOLD
GOLD: The yellow metal trade $3 lower overnight in a range-bound session, last
dealing at $1,315/oz. Traders may have been wary heading in  to Fed Chair
Powell's second testimony of the week.
- The lack of follow through above the 21-DMA ($1332.7) and rejection ahead of
the $1344.7-1351.3 region took its toll with a sell-off and dips below the
55-DMA ($1319.8) that shifts focus to the 100-DMA. Bears need a close below the
100-DMA to hint at a move back to Dec lows ($1235.9) with below the 200-DMA
($1287.4) to confirm. Layers of resistance are building with bulls needing a
close above $1330.0 to gain breathing room.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.