Gold Price News and Forecast: XAU/USD slips to 11-day low as risk assets draw bids


Fighting the Fed (and the Crooked Banks) by Holding Gold

Market forecaster Martin Zweig famously warned investors against underestimating the power of the Federal Reserve Bank to control markets. He coined the phrase “Don’t fight the Fed” back in the 80’s. Precious metals investors are wondering if this is still good advice.

On one hand, it is pretty hard to argue with that bit of wisdom. The Fed Zweig was referencing had begun taking a more overt role in markets, using interest rates as a tool for managing the economy.

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Gold slips to 11-day low as risk assets draw bids

Gold continues to lose altitude amid increased demand for risk assets.At press time, the yellow metal is trading at $1,537 per Oz, the lowest level since Jan. 3. Prices are currently down nearly 4.6% from the six-year high of $1,611 reached last week. 

The yellow metal is losing altitude amid the uptick in the risky assets. The futures on the S&P 500 are currently reporting a 0.10% gain, meaning the index is likely to open Tuesday on a positive, having hit fresh record highs on Monday. 

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XAG/USD

Overview
Today last price 17.8
Today Daily Change -0.19
Today Daily Change % -1.06
Today daily open 17.99
 
Trends
Daily SMA20 17.76
Daily SMA50 17.3
Daily SMA100 17.61
Daily SMA200 16.53
 
Levels
Previous Daily High 18.11
Previous Daily Low 17.92
Previous Weekly High 18.84
Previous Weekly Low 17.7
Previous Monthly High 18.15
Previous Monthly Low 16.53
Daily Fibonacci 38.2% 17.99
Daily Fibonacci 61.8% 18.04
Daily Pivot Point S1 17.91
Daily Pivot Point S2 17.82
Daily Pivot Point S3 17.72
Daily Pivot Point R1 18.09
Daily Pivot Point R2 18.19
Daily Pivot Point R3 18.27

 

 

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