Sat. Aug 17th, 2019

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Gold Price Prediction

1 min read

Silver daily chart, August 02, 2019

Gold prices whipsawed near 6-year highs following the US jobs came out in line with expectations. Downward revisions to both May and June weighed on US yields pushing the 10-year benchmark treasury down to 1.84%. This is the lowest level seen in the 10-year yield since September of 2016. While the labor force remains solid and the number of people looking for jobs has increased, there are chinks in the armor of the US economy.

Technical Analysis

Gold prices moved whipsawed near the current 6-year highs. Prices remained above  the 10-day moving average, which is now seen as support near the 10-day moving average near 1,425. Target support on the yellow metal is seen near the 50-day moving average at 1,381. Resistance is seen near the July highs at 1,453. Short term momentum turned positive as the fast stochastic generated a crossover buy signal. Medium term momentum is neutral but is during positive as the MACD (moving average convergence divergence) histogram is printing in the red with a rising  trajectory which points to consolidation.

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