Gold sparkles in the flight to safety, nears October high

Technical Analysis

Gold shows signs of life

Sentiment has worsened in equities with the S&P 500 now down a whopping 90 points to 2700.

Normally you would expect a better outing from gold given the absolute beat down in stocks but this is a baby step for the precious metal.

It could take a larger step if it can break above the October high of $1243 in the next few days. Of course, that might take bigger signs of trouble.

Note however that there’s a positive seasonal pattern in gold in the first couple months of the year and it started early last year with buying starting in the second week of December.


Products You May Like

Articles You May Like

Andrea Leadsom: Motion on government’s next Brexit steps will be put forward on 21 January
ForexLive Americas FX news wrap: More trade deal talk
Wellbeing Series: Trading and the Importance of an Active Hobby
Intraday Technical Analysis 16 January
S&P affirms Russia at ‘BBB-/A-3’, outlook stable – Reuters

Leave a Reply

Your email address will not be published. Required fields are marked *