Lower gold prices changed on Monday, as more risk assets continued to be drawn and allowed traders to take profit. The EUR / USD moved higher on Monday despite data from the Atlanta Fed which showed that the US economy was performing better than expected during Q4 of 2019. Gold volatility continued to slide at the GVZ pressure. back down to the nets that took place last week. Hedge funds are still contributing to a long standing in the future and options according to the latest trader commitment commitments.
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The gold prices are coming lower and retaining support near the 10 day average car at 1,547. The target resistance is now visible near January highlights at 1,611. Prices hold over the last break level appear to be a pattern of continuity on a bull flag. While the short-term daily momentum is mitigated, the weekly momentum is positive as the MACD index (convergence average) generated a cross-border purchasing sign. The daily RSI has deteriorated and pushed back through the overbought level of stimulation of 70, showing negative momentum at acceleration. The stochastic fast at acceleration is also lower. The MACD is daily to generate a crossover sale sign, but the current reading in the black with a slope trajectory downward reinforces consolidation.
The US economy is accelerating more than expected economies in Q4. GDPNow Atlanta Fed's model GDP growth considers Q4 to grow by 2.3% year on year. This is compared to Nowcast's Fed model of the Fed by which Q4 has grown by 1.1% down from 1.2% previously, and its Q1 growth was stable at 1.2%.
This article was originally posted on an FX Empire