Yahoo Finance Gold Price Prediction for August 16, 2017
Gold prices moved lower as the dollar gained traction following a stronger than expected Empire State Manufacturing report and better than expected U.S. retail sales. Gold has put in a triple top with the August highs at 1,292 and the June highs at 1,296 seen as robust resistance. Support is seen near the 10-day moving average at 1,271. Momentum is neural but turning negative as the MACD (moving average convergence divergence) histogram is printing in the black with a downward sloping trajectory which points to a possible crossover sell signal.
Empire Manufacturing Was Strong
The Empire State headline surge to a 3-year high of 25.2 from 9.8 in July and a prior 3-year high of 19.8 in June was accompanied by a small ISM-adjusted Empire State pop to 54.2 from 53.3 in July and a 6-year high of 56.2 in June. The August headline rise reflected big gains for new orders, prices paid, and the workweek, moderate gains for shipments, employment, and deliveries, and drops for inventories and prices received.
This article was originally posted on FX Empire
