Gold prices were trading modestly higher, a day after bullion posted its lowest close since June and as a bearish pattern materialized in the commodity’s price pattern.
Prices for the yellow metal for April delivery were off $6.10, or 0.3%, to trade at $1,778.80 an ounce, after bullion fell 1.5% on Wednesday and marked its lowest settlement since around June, based on the most-active contract.
On Wednesday, the most-active gold futures contract also registered its first death cross since June 2018, according to Dow Jones Market Data, with the 50-day moving average at $1,856.46 and the 200-day moving average at $1,857.67.
A death cross occurs when the 50-day moving average crosses below the 200-DMA, which is widely viewed as a dividing line between longer-term uptrends and downtrends.
Meanwhile, silver for March delivery was of 10 cents, or 0.4%, to trade at $27.21 an ounce, following a decline of less than 0.1% on Wednesday.
Commodity dealers were also digesting data on for U.S. weekly jobless claims, which rose in mid-February to a four-week high of 861,000, underscoring that Americans are still losing their jobs nearly a year after the onset of the coronavirus pandemic.
Source: Marketwatch