Gold Price Prediction – Prices Edge Higher as the Dollar Slips
Gold prices rallied Tuesday slightly as the dollar edged lower Treasury yields moved sideways. The markets are now focused on Friday’s Fed meeting in Jackson Hole, Wyoming, as many anticipate that the Fed will discuss possibly tapering bond purchases in September. New Home Sales continued to rise in July.
Technical analysis
Gold prices edged higher testing resistance near the 200-day moving average at 1,811. Support is seen near the 10-day moving average at 1,781. Short-term momentum has turned positive as the fast stochastic generated crossover buy signal. Medium-term momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This buy signal occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line).Pries are overbought as the fast stochastic is printing a reading…
