Singapore Markets closed

Gold Price Prediction for November 10, 2017

David Becker

Gold prices moved higher on Thursday following stronger than expected inflation data released in China.  Both PPI and CPI beat expectations lifting the yellow metal to a one month high.  Resistance is now seen near the October highs at 1,306. Support is seen near the 10-day moving average at 1,276.  Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line).

gold-110917a

China’s Inflation Was Stronger than Expected

China’s consumer inflation increased to 1.9% in October, year over year compared to expectations that CPI would rise by 1.8% according to the National Bureau of Statistics. This compares to a 1.6% increase in September. Prices at the wholesale level surged 6.9% year over year but was unchanged from September.  Expectations were for PPI to rise by 6.6%.

This article was originally posted on FX Empire

More From FXEMPIRE: