Gold prices moved higher on Wednesday as risk aversion continued to perpetuation in the wake the news that former FBI director Comey was approached by Trump to end the investigation into former National Security Advisor Flynn. This would be considered obstruction of Justice and has roiled the markets on Wednesday. Stocks tumbled and gold soared, as investors looked to head toward the exits.
Momentum Has Turned Positive
Gold Prices are testing resistance which is generated from and upward sloping trend line that comes in near 1,260. The next level of target support would be the April highs at 1,295. Additional support is seen near the 10-day moving average at 1,231. Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occur as the spread (the 12-day EMA) minus the 26-day EMA) crosses above the 9-day EMA of the spread. The index moved from negative to positive territory confirming the buy signal.
YOU WON’T WANT TO MISS:
- The Next Big Commodities Move Is Gold – Tried – Tested and True – This Report Explains Why
- Could The Mobile Payment Space Be The Next Sector To Invest In?
- This One Pot Stock Could Help Investors Cash In On The “Green Gold Rush”
- GOLD Is Steadily Rising And Entering Another Bull Market – Time To Catch This Train!
- Why Are Cannabis Stocks Going So Crazy, And How Can You Cash In On Them Right Now?