gold forecast , Prices Continue to Rally Despite a Rising Dollar

gold forecast , Prices Continue to Rally Despite a Rising Dollar

gold forecast , Prices Continue to Rally Despite a Rising Dollar

 
gold forecast prices moved higher pushing through the November highs at 1,516, which is now seen as short-term support. Additional support is seen near the 10-day moving average at 1,500. Support below that level is seen near the 50-day moving average at 1,479

 Target resistance is seen near the late September highs at 1,535. The 10-day moving average recently crossed above the 50-day moving average which shows that a brief term up trend is now in situ
gold forecast Short term momentum has slowed and now features a neutral trajectory after generating a buy signal and a sell signal. The fast stochastic is printing a reading of 95, well above the overbought trigger level of 80, which could foreshadow a correction

The RSI (relative strength index) is now printing a reading of 77, rising from 75 which reflects accelerating positive momentum. The RSI is above the overbought trigger level of 70, and also points to a possible future correction. Medium-term momentum is positive because the MACD histogram prints within the black with an upward sloping trajectory which points to higher prices

China Eases Reserve Requirements
gold forecast The People’s Bank of China reported a 50 basis point cut within the required reserve ratio for bank effective Monday, January 6. The change in reserve requirement will release an estimated 800 in Chinese yuan and reduce banks’ funding costs, which successively is predicted to be passed on to corporate borrowers

 gold forecast this means the benchmark one-year Loan Prime Rate will likely fall. the specified reserves ratios are set currently at 13% for giant banks and 11% for smaller banks