Gold price ends lower amid dollar strength

San Francisco (Nov 23)  Broad dollar strength maintains gold prices near multi-year lows, with spot down to $1,066.59 this Monday. The American currency started the week with a strong footing as San Francisco Fed President John Williams, reiterated over the weekend that the central bank is willing to raise its interest rates in December.

Gold technical view

“The daily chart for the bright metal shows that the dominant bearish trend remains in place, as the price continues developing far below its moving averages, whilst the Momentum indicator aims higher below 100, but the RSI indicator resumed its decline around 28”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the price is below a horizontal 20 SMA, but the technical indicators have accelerated south in negative territory, supporting a bearish continuation on a break below 1,063.34, the multi-year low posted last November 18th”.

Source: FXstreet