Gold Price Forecast: Technical Forecast Based on MACD Indicator

The price of gold rose steadily for the 5th business session, which is growing more than the dollar in decline. The decline in American production has also continued, with 10 years of hit 3.05, after just 6 days before the increase of 3.20%.

It seems that the Atlanta Fed GDP forecast and the New York Fed GDP forecast both have lowered. High interest rates, and business charges are weighing on confidence. In fact, the National Association of Home Builders Monthly Confidence Index fell to the lowest level of 2 years today.

Gold Price Technical Analysis
Gold prices rose for the fifth consecutive trading session Prices have been pushed through the resistance of the average 1,222 for 20 days now through pre-support. Target resistance on yellow metal is seen at around 1,243 of the highest of October.

The below-average 20-day average support is seen at 1,211 near the average of 50 days running. Short term speed is positive because Fast Stochastic has recently generated a crossover purchase signal and is growing more. The current reading of 56 is between the neutral boundaries.

The Momentum reflected by MACD is ready to become positive because the MACD line is just above to generate a crossover purchase signal. It occurs in the form of MACD line (average zero running 26-day running 12-day) goes above the 9-day average of the MACD line above the MACD signal line.

Gold Forecast: Checkout The Latest Price Action in Gold Trading

Gold Forecast: On Monday, the gold market was relatively quiet during the trading on Monday after seeing a massive enthusiasm during the past week. I think at this point; The markets are essentially "on hold" because we are awaiting election results in the United States.

During the trading session on Monday, the gold market was relatively quiet because traders came back from work on weekends. The level above $ 1250 has been providing a significant amount of resistance, so I think a break above that level can open up one more foot.

At this point, I believe market participants are probably waiting to see how things go in relation to the intermediate elections in the United States, because the change in party control in Congress is definitely monetary in the United States. The policy will change, also affect the US dollar.

At this point, I think the market will continue to grind the edge together with a level of $ 1250 after heavy resistance to the market. A significant amount of support that reaches a level of $ 1215 below $ 1200 level begins.

After all, this is a market that seems to be trying to break it above important resistance, because we have recently broken through the downtrade line and from the long-term charts towards the overall consolidation , Which extends to $ 1400 level.

At this point, I believe the market is bouncing around in this $ 200 range, and eventually I think traders will continue to see this market in that light for a long time. Gold is obviously a market that will move forward with a negative correlation in the US dollar. Because of this, you have to pay attention to that, and see what happens there.