Gold futures declined over $19 today, with the most active contract (June 2020) breaking below a key support level at $1700, and is currently fixed at $1693.90. However, even with the declines that have occurred this week gold pricing still gained 6% this month.
Lower gold prices were curtailed somewhat by dollar weakness. The U.S. dollar index is currently fixed at 99.015 and is showing a net decline of – 0.63% in trading today. Dollar weakness today took the index below its 50-day moving average, a key indicator analyst used to determine the short-term trend of a stock, commodity or index.
RSI and zigzag
Spot gold sold off even harder currently fixed at $1684.80, after factoring in today’s decline of approximately $29. According to the KGX (RSI Gold Index) selling pressure took gold pricing down $38, however dollar weakness softened that decline by $8.70, resulting in today’s decline of $29.30.


Thread: 
Thanks
Currently Active Users
Forex Forum India Statistics