Gold Price Prediction – Prices Edge Higher on Flat CPI

Gold prices edged higher and are consolidating just above support levels. The 10-year US treasury yield reversed course as riskier assets such as stocks moved lower. The dollar moved higher but failed to put downward pressure on gold. US CPI was flat and was the tamest it’s been in 2020. US jobless claims continued to move lower.

Trade gold with FXTM Technical analysis

Gold prices edged higher near support levels which coincides with the September lows at 1,848. Resistance is seen near the 10-day moving average at 1,896 and then the 50-day moving average at 1,908. Short-term momentum is negative as the fast stochastic generated a crossover sell signal. The fast stochastic has stopped accelerating lower and is currently printing a reading of 19, below the oversold trigger level of 20 which could foreshadow a correction. Medium-term momentum has turned negative as the MACD (moving average convergence divergence) index generated […]

Click here to view original web page at www.fxempire.com

About the author: StockMan

Please remember:

The information provided here is for general knowledge and educational purposes only.
It is not intended to be a substitute for professional financial advice.
Every individual's financial situation is unique, and what works for one person may not work for another.
Before making any investment or financial decisions, you should always consult with a qualified financial advisor who understands your specific circumstances and goals.

Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, should never be acted upon. Please be aware that any information posted on this site should not be considered to be financial advice and i am not a financial advisor.