Tuesday, May 16, 2023

Gold Back Below 2000

Gold Futures broke down today as 20-day MA support finally gave way to a move back below the key 2K threshold. Stocks were mixed as the Dow Jones Industrial Average suffered the most, dropping roughly 1%. Nasdaq 100 futures continue to eeck out new highs while the S&P 500 remains mired within a tight sideways range despite bouncing off Thursday's low at the close. Meanwhile, the US dollar clawed back after giving back some of Friday's big gains. And, Interest rates continued to tick higher as US 10-year futures extended through key 20-day MA support