Gold Price Prediction – Prices Consolidate as the Dollar Strengthens
Gold prices edged lower and continue to trade sideways following the large move the yellow metal experienced at the end of last week. As opposed to the softer than expected Jobs report released on Friday, today’s JOLTs report showed that a record number of job openings in the United States. The dollar edged higher and yields moved lower, which kept the yellow metal in a relatively tight range.
Tecnical analysis
Gold prices consolidated edging lower. Prices edged through support which is now resistance seen near the 50-day moving average, at 1,797. Resistance is seen near the 10-day moving average at 1,809. Target support is seen near the August lows at1,672. Short-term momentum has turned negative as the fast stochastic generated a crossover sell signal. Medium-term momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. This sell signal occurs as the MACD line…
