Gold Price Prediction – Prices Rise Slightly on JP Morgan Growth Forecast

Gold prices edged higher but remain rangebound. The US dollar moved higher along with US long-term yields but this did not impact the movement of the yellow metal. Gold implied volatility eased after rallying slightly on Thursday. JP Morgan is now forecasting that US growth will contract in the Q1 of 2021, as the virus continues to spread. Technical analysis

Gold prices edged higher but ran into resistance near the 10-day moving average at 1,875. For the week prices declined by 0.84%. 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. The current reading on the fast stochastic is 17, below the oversold trigger level of 20, which could foreshadow a correction. Medium-term momentum is neutral to negative as the MACD (moving average convergence divergence) histogram prints in the red with a declining trajectory which […]

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