Chart of the day: Gold lacks lustre
The US dollar's strength, which takes it to a six-year high to the Japanese yen and a record high against the Russian rouble, partly explains the slide in many commodity prices.
The US dollar's strength, which takes it to a six-year high to the Japanese yen and a record high against the Russian rouble, partly explains the slide in many commodity prices. Gold followed through to the downside after the weekly close below the bottom of the symmetrical triangle that has dominated this year. Both the 50 and 200-day moving averages are best ignored for now because they are messy as a result of broadly sideways trading since April. A death cross, where the 50-day average drops below the 200-day one, later this month might add to the bearish momentum, which targets a slump to the key support at US$1,180. Other precious metals are also not so shiny.