yellow metal bull engulfing reversal and RSI in neutral
Gold prices were trading last Friday at $1,339.09/oz.
As the dollar weakened, the yellow metal recorded a gain of no less than 0.47% on the hourly chart during weekend trading. Meanwhile, the Moving Average 50 is seen above MA20 and is close to the spot price of Gold which is $1330.20, showing a bull trend sentiment way to $1,340, which is the first target, and towards long-term target $1,400. Bullish engulfing is seen in the last two candle stick which show a positive signal.
Relative strength index is mild appearing neutral movement.
Treasury yields are starting to show a return of high pattern of volatility.
The US Fed Reserve’s less-dovish policy boosted the yields upward, making gold’s appeal to investors less attractive due to its inability to pay interest. However, several economic and political factors are causing the gold and yields to either go up or drive down.
If treasury yields plunge, gold prices are expected to soar. And, if the treasury yields work its way up, the gold prices will go down.
Cheers,
As the dollar weakened, the yellow metal recorded a gain of no less than 0.47% on the hourly chart during weekend trading. Meanwhile, the Moving Average 50 is seen above MA20 and is close to the spot price of Gold which is $1330.20, showing a bull trend sentiment way to $1,340, which is the first target, and towards long-term target $1,400. Bullish engulfing is seen in the last two candle stick which show a positive signal.
Relative strength index is mild appearing neutral movement.
Treasury yields are starting to show a return of high pattern of volatility.
The US Fed Reserve’s less-dovish policy boosted the yields upward, making gold’s appeal to investors less attractive due to its inability to pay interest. However, several economic and political factors are causing the gold and yields to either go up or drive down.
If treasury yields plunge, gold prices are expected to soar. And, if the treasury yields work its way up, the gold prices will go down.
Cheers,