Gold Keeps Marching Higher As the USD Declines, Despite the Improving US Employment
Gold used to be quite bullish for two years, until August last year, when it turned lower, as cryptocurrencies turned into safe havens, while Gold lost this appeal for some time. As a result, Gold fell $400 pips lower from record highs above $2,000.
But the 100 SMA (green) held as support on the weekly chart, despite being pierced briefly on the second attempt. GOLD formed a hammer candlestick above that moving average on the first week of April which is a bullish reversing signal and it has remained bullish since then.
The 50 SMA (yellow) which had been providing support before turned into an obstacle, providing resistance for a couple of weeks. But, this week the price has moved above it, as the USD decline resumed again. The US employment is improving as the two reports below show, but the USD keeps declining and Gold keeps increasing.
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