GOLD NEAR 1-YEAR LOW AS DOLLAR SLIPS
- Spot Gold is currently trading at $1229.07 per troy ounce. It touched a low of $1211.08 last week, the lowest since July 2017.The Dollar index was at $95.66 when gold fell to $1211.08. The dollar index is currently trading at $94.35, down approximately 1.4% since then .The falling US currency makes dollar-denominated gold cheaper for holders of other currencies. Silver is off 9.5% so far this year, while gold prices are down about 6.4% in 2018. Rising investor interest in gold can be seen at the current levels. The holdings of the largest gold-backed ETF, New York’s SPDR Gold Trust, are up more than one percent to 25.803 million ounces since July 18.On the technical front, the RSI is currently at 39.09% and suggests that the market may head upwards. The %K has crossed the % D from above to the downside at 30.01%, and this suggests that the market may go in the downward direction. The MACD indicator has generated a selling signal as the fast line is below the slow line and both are below zero.
Trade Suggestion- Limit Sell At: 1228, Take Profit At: 1223 Stop Loss At: 1230.5