Gold Price Prediction – Prices Consolidate as the Dollar Gains Traction

Gold prices consolidated on Wednesday after rising for two consecutive trading sessions earlier in the week. The dollar rebounded after testing lower levels, which halted the yellow metal's upward momentum. Yields fell and then rallied late, which also dampened the gold rally for the week. The FOMC said in its most recent minutes of the meeting that politics will remain accommodative for the foreseeable future.
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Technical analysis
Gold prices fell, consolidating weekly earnings. Support is seen near the 1729 20-day moving average. Additional support is seen near the June lows at 1,670. Resistance is near the 50-day moving average of 1,763. The short-term dynamic has developed positively as the fast stochastics generated a crossover buy signal. The medium-term dynamic developed positively as the MACD index (Moving Average Convergence Divergence) generated a crossover buy signal. This occurs when the MACD line (the 12-day moving average minus the 26-day moving average) crosses the MACD signal line. The MACD histogram is printed in the positive area with an upward sloping trajectory, which indicates higher prices.
FOMC remains responsive
US Federal Reserve officials said the policy will remain in place until it leads to more employment and inflation, rather than just adjusting based on projections. The FOMC minutes of the March 16-17 meeting, where investors looked for clues as to where future policy might lead. FOMC members said the $ 120 billion monthly bond purchases had helped the economy significantly.
This article was originally published on FX Empire
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In this article:
GC = F.
+ 0.26%
ZG = F.
-1.87%
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