Gold Price Prediction – Prices Consolidate Following Strong Housing Data

Gold prices continue to trade sideways edging slightly lower on Thursday. The US dollar moved lower but this failed to buoy the yellow metal. Gold implied volatility climbed for the first time in near 2-months as investors might be getting concerned about the sideways gold price action. Implied volatility measures how much options traders believe the markets will move on an annualized basis. US existing home sales rose for a 5 th straight month but failed to buoy US yields.

Trade gold with FXTM Technical analysis

Gold prices edged lower sandwiched between resistance near the 10-day moving average at 1,882. The weekly chart of gold is forming a bull flag continuation pattern which is a pause that refreshes higher. Support is seen near the October lows at 1,850. Short-term momentum has turned negative as the fast stochastic generated a crossover sell signal. Medium-term momentum is neutral to negative as the […]

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