The price of gold rose steadily for the 5th business session, which is growing more than the dollar in decline. The decline in American production has also continued, with 10 years of hit 3.05, after just 6 days before the increase of 3.20%.
It seems that the Atlanta Fed GDP forecast and the New York Fed GDP forecast both have lowered. High interest rates, and business charges are weighing on confidence. In fact, the National Association of Home Builders Monthly Confidence Index fell to the lowest level of 2 years today.
Gold Price Technical Analysis
Gold prices rose for the fifth consecutive trading session Prices have been pushed through the resistance of the average 1,222 for 20 days now through pre-support. Target resistance on yellow metal is seen at around 1,243 of the highest of October.
The below-average 20-day average support is seen at 1,211 near the average of 50 days running. Short term speed is positive because Fast Stochastic has recently generated a crossover purchase signal and is growing more. The current reading of 56 is between the neutral boundaries.
The Momentum reflected by MACD is ready to become positive because the MACD line is just above to generate a crossover purchase signal. It occurs in the form of MACD line (average zero running 26-day running 12-day) goes above the 9-day average of the MACD line above the MACD signal line.
It seems that the Atlanta Fed GDP forecast and the New York Fed GDP forecast both have lowered. High interest rates, and business charges are weighing on confidence. In fact, the National Association of Home Builders Monthly Confidence Index fell to the lowest level of 2 years today.
Gold Price Technical Analysis
Gold prices rose for the fifth consecutive trading session Prices have been pushed through the resistance of the average 1,222 for 20 days now through pre-support. Target resistance on yellow metal is seen at around 1,243 of the highest of October.
The below-average 20-day average support is seen at 1,211 near the average of 50 days running. Short term speed is positive because Fast Stochastic has recently generated a crossover purchase signal and is growing more. The current reading of 56 is between the neutral boundaries.
The Momentum reflected by MACD is ready to become positive because the MACD line is just above to generate a crossover purchase signal. It occurs in the form of MACD line (average zero running 26-day running 12-day) goes above the 9-day average of the MACD line above the MACD signal line.
This post first appeared on Forex Trading Tips | KLSE Trading Signals, please read the originial post: here
