Yahoo Finance Gold Price Prediction for December 13, 2017
Gold prices edged lower hitting the lows of the session early and crawling back throughout the day. A stronger dollar driven by higher yields following Tuesday’s U.S. PPI weighed on the yellow metal. The short term trend points to lower prices until gold hits support near the July lows at 1,204. A break of this level would lead to a test of the December 2016 lows at 1,125. Resistance on the yellow metal is seen near the 10-day moving average which coincides with the October lows at 1,260. Prices are nearly oversold as the RSI (relative strength index) is printing a reading of 30.4, just above the oversold trigger level of 30. Momentum remains negative as the MACD (moving average convergence divergence) histogram prints near the zero index level with a flat trajectory which points to lower prices.
Producer Prices Increased as Energy Rose
The U.S. producer price index increased by 0.4% in November according to the Department of Labor, advancing by the same margin for three straight months. Expectations were for PPI to increase on a headline basis by 0.3%.
This article was originally posted on FX Empire