Gold Price Prediction – Prices Consolidate Following Strong Payroll Gains

Gold prices continued to remain buoyed after rallying on Thursday following the Fed’s interest rates decision. For the week gold has increased by 3.9%. The dollar declined to 2-month lows and yields moved higher. US yields moved higher but this barely impacted gold following a stronger than expected US employment report. Technical analysis

Gold prices consolidated Thursday’s gains as gold finally broke out of a tight range. Support on the yellow metal is seen near the 50-day moving average at 1,913, and then the 10-day moving average at 1,904. The 10-day moving average is poised to cross above the 50-day moving average which would mean a short-term uptrend was in place. Short-term momentum is positive as the fast stochastic continued to accelerate higher. Medium-term momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day […]

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