Gold’s EMA Exhibiting Bearish Crossover – Quick Update on Trading Signal
On Friday, the precious metal gold prices eased as stock markets recovered their momentum, with a softer dollar and revived hopes of a rate cut by the US Federal Reserve retaining bullion on track for a weekly gain.
Lately, the safe-haven gold has not been considered as a profitable investment as traders believe China has more to lose from this trade war. Eventually, that boosted demand for the US dollar, making gold weaker.
However, recent developments have changed investor sentiment. It looks like the US also has a lot to lose from the trade war as it can hurt the American economy more than presumed. Thus, the market is heading towards real safe haven assets such as gold and silver.
On the technical front, gold is consolidating near 1,283 area with an upper range of 1,286 and lower range of 1,282 today. The Moving Averages have acted as resistance, so there’s a green light for a bearish trend.
In this case, we may find the closest support at 1279.32 – 1276.96 as a potential bearish target. The following pullback from this level could lead to another bullish price movement towards 1286.15 – 1295.25.
Good luck!
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