[MARKET UPDATE] Gold continues to falter down to a USD 4747/oz low, technicians highlight the 100-DMA at USD 4597/oz. Move potentially exacerbated by XAG losing its 100-DMA at USD 73.43/oz
Newsquawk Staff ·
Gold continues to falter down to a USD 4747/oz low, technicians highlight the 100-DMA at USD 4597/oz. Move potentially exacerbated by XAG losing its 100-DMA at USD 73.43/oz.
What it means
Gold prices are faltering and have hit a low of USD 4747/oz, raising concerns as technicians point to the 100-day moving average (DMA) at USD 4597/oz as a key support level. The declines may be further fueled by silver's drop below its own 100-DMA at USD 73.43/oz, suggesting a broader weakness in precious metals that could influence market sentiment and risk appetite in related asset classes.
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