Gold up, but still in 'danger zone'
Gold was trading in positive territory this morning, but not by enough to take it out of its ‘danger zone’. Yesterday morning it hit a low of $2,625 before the unexpected, sharp sell-off in the US dollar related to Trump Tariff speculation, gave all dollar-denominated commodities a lift. It pushed up towards $2,650 before falling back below $2,620 just before the open of the New York Stock Exchange. The sell-off corresponded with a rally in the dollar. While it’s encouraging to see gold push higher today, the bulls should be concerned that it seems unable to build enough upside momentum to break above $2,650, as witnessed by a flattening in the daily MACD. This makes it highly vulnerable to any fresh selling pressure. Meanwhile, silver is just about hanging in above $30 per ounce. It too looks vulnerable to another bout of selling. But it has the advantage over gold in that its daily MACD is starting from very oversold levels.
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