gold price forecast – Prices Test Resistance as Momentum Turns Positive

gold price forecast – Prices Test Resistance as Momentum Turns Positive

gold price forecast – Prices Test Resistance as Momentum Turns Positive

 
gold price forecast moved higher on Monday testing the December highs because the dollar was nearly unchanged within the wake of worse than expected durables orders

 US yields ticked slightly higher as riskier assets like stocks continued to hit fresh all-time highs. The Atlanta Fed is now predicting 2.1% growth for te Q4 of 2019, down from the previously expected 2.3%

Technical Analysis
gold price forecast moved higher testing resistance at the December highs near 1,486. Prices pushed higher testing a downward sloping line that comes in at an equivalent level

 an in depth above 1,486, would cause a test of the November highs at 1,516. Support is seen near the 50-day moving average near 1,477. Additional support is seen near the 10-day moving average at 1,470. Short term momentum is reaccelerating because the fast stochastic generated a crossover buy signal. Medium-term momentum is positive because the MACD histogram prints within the black with an upward sloping trajectory which points to higher prices

 gold price forecast The RSI (relative strength index) is accelerating higher pointing to accelerating positive momentum

GDP might be Decelerating
gold price forecast The Atlanta Fed’s GDP Now model now estimates Q4 GDP growth at 2.1% down from 2.3% previously.  This compares to the NY Fed’s Nowcast model now has Q4 growth at 1.3, up from 0.69% previously.  It also raised its estimate for Q1 growth to 1.64% SAAR from 0.82% previously

  gold price forecast The Atlanta Fed is probably going overstating growth a touch and therefore the NY Fed understating it. a number of the declines within the Atlanta Fed was reflected on Monday following a weaker than expected US durables Orders. Orders for durables sank 2% in November, which was the most important decline since May