Yahoo Finance Gold Price Prediction for January 17, 2018
Gold prices edged lower but rebounded sharply from session lows as the dollar lost ground following a softer than expected Manufacturing report. Support on the yellow metal is seen near the 10-day moving average at 1,323, while resistance is seen near the September highs at 1,352. Momentum is positive as the MACD (moving average convergence divergence) histogram prints in the black with an upward sloping trajectory which points to higher prices.
U.S. Empire Manufacturing Index Fell nu January
U.S. Empire State manufacturing index fell 1.9 points to 17.7 in January, weaker than forecast, after edging up 0.2 ticks to 19.6 in December which was revised from 18.0. It was 6.5 a year ago. The recent high-water mark was 28.1 in October. The employment component dropped to 3.8 from 22.9, while the workweek declined to 0.8 from 9.3 which was revised from unchanged. New orders dipped to 11.9 from 19. Prices paid climbed to 36.2 from 29.7, with prices received nearly doubling to 21.7 from 11.6. The 6-month index improved to 48.6 from 46.3. The future employment reading was 26.9 from 24.0, with new orders at 47.6 from 42.7, while prices paid were 52.9 from 50.0 and prices received were 31.2 from 27.5.
This article was originally posted on FX Empire
