Yahoo Finance Gold Price Prediction for October 17, 2017
Gold prices reversed course on Monday as the dollar gained traction, following a stronger than expected Empire Manufacturing headline which hit an 8-year high. Support is seen near the 10-day moving average at 1,284, and then the 100-day moving average at 1,275. Momentum has recently 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 the26-day moving average) crosses above the MACD signal line (the 9-day moving average of the spread).
Empire State Rose to 8-Year High
The Empire State headline rose to an 8-year high of 30.2 that was also seen in September of 2014, from 24.4 in September, 25.2 in August and just 9.8 in July. The ISM-adjusted Empire State fell to a still-solid 54.9 from a 6-year high of 57.0 in September but a lower 54.2 in August and 53.3 in July.
This article was originally posted on FX Empire
