Gold below 100-day MA, but risk reversals retain bullish bias

Gold fell below 100-day MA on Friday, signaling technical weakness.
However, sentiment in the options market remains bullish.

Omkar Godbole FXStreet Contributor

The yellow metal breached the 100-day MA support on Friday, indicating the recovery from the Oct. 27 low of $1263 has ended. However, the risk reversals still favor the bulls.

Risk reversals

The one-month 25 delta risk reversals gauge turned positive on Nov. 9 and improved to 0.225 on Friday. It indicates the bullish bias in the options market strengthened despite the drop below the key technical support.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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