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Gold Stays Under Weak Spell, EMA 50 Caps Gains On Daily Charts

Gold Stays Under Weak Spell, EMA 50 Caps Gains On Daily Charts

May 26, 2022 5:44 IST | capital market
COMEX Gold saw a muted session today as the US dollar held near 102 mark and equities turned in a mixed performance. Asian stocks saw choppy moves. Chinas Shanghai Composite index edged up half a percent while other indices mostly tilted lower. European shares moved up amid lack of major economic cues. This strength in European markets capped Gold after the metal fell quite steeply in last session. Gold slipped under $1850 per ounce in last session as the minutes of the last US monetary policy meeting have indicated that most participants judged that 50 basis point increases in the target range would likely be appropriate at the next couple of meetings. Rising US interest rates have a moderating influence on the yellow metal and the current price action is reflecting the same. The daily charts are also indicating that prices have dropped under 50 day Exponential Moving Average or EMA - currently placed around $1851 per ounce and capping any major advances in the metal. Powered by Commodity Insights

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