Gold Price Prediction – Prices Consolidate Following Robust PMI Results

Gold Price Prediction – Prices Consolidate Following Robust PMI Results

Gold prices moved sideways edging slightly higher closing up approximately 0.25% for the week. This came as the dollar moved lower and Treasury yields took a break from their recent climb. A stronger than expected US Markit PMI index failed to further lift treasury yields. Germany’s manufacturing PMI rose to 58.0 from 56.4, which was better than expected.

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Gold prices consolidated remaining below resistance near the 10-day moving average at 1,906. Support is seen near the October lows at 1,872. Short-term momentum has whipsawed and turned positive after recently turning negative as the fast stochastic generated a crossover buy signal on the upper end of the neutral range. Medium-term momentum remains neutral to positive as the MACD histogram prints in the black with an upward sloping trajectory that points to a slow trend higher. US Composite PMI Rises More than expected

The US Flash […]

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