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Gold Price Fall As Dollar Rallies

By Antonio FerlitoCommoditiesJun 18, 2021 04:21AM ET

www.investing.com/analysis/gold-price-fall-as-dollar-rallies-200586882

By Antonio Ferlito | Jun 18, 2021 04:21AM ET

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XAU/USD

-0.18%

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-0.49%

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Technical analysis

Gold prices moved lower declining for the fourth consecutive trading day, and poised to test the November 2020 lows of 1,764. Resistance is seen near the 50-day moving average at 1,830. Short-term momentum is negative as the fast stochastic generated a crossover sell signal. Prices are oversold. The current reading on the fast stochastic is 8, below the oversold trigger level of 20 which could foreshadow a correction. Medium-term momentum has turned negative as the MACD (moving average convergence divergence) as the MACD (moving average convergence divergence) index generated a crossover sell signal. The MACD histogram is printing in negative territory with a declining trajectory which points to lower prices.

Jobless Claims Rise

The Labor Department reported that Initial jobless claims unexpectedly rose last week despite an ongoing recovery. First-time filings for unemployment insurance for the week ended June 12 totalled 412,000, compared with the previous week’s 375,000. Expectations were for a decline to 360,000. This is interesting in the wake of the Fed’s decision as employment is the key for higher rates. If claims continue to remain elevated, the Fed will remain on hold.

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Gold Price Fall As Dollar Rallies

Technical analysis

Jobless Claims Rise

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