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Gold Price Prediction for July 25, 2016

By:
David Becker

Gold prices were under pressure on Friday as the dollar gained traction following the stronger than expected Markit PMI report.  Prices attempted to test

Gold Price Prediction for July 25, 2016

Gold prices were under pressure on Friday as the dollar gained traction following the stronger than expected Markit PMI report.  Prices attempted to test resistance near the 10-day moving average at 1,333, but were unable to recapture that level.  Support is seen near an upward sloping trend line that connects the lows in May to the lows in June, which comes in near 1,315.  Momentum is negative as the MACD (moving average convergence divergence) index is printing in the red with a downward sloping trajectory which points to lower prices.
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U.S. Markit manufacturing PMI rose to 52.9 in the preliminary July read, after edging up 0.6 points to 51.3 in June. Markit reported that manufacturing payrolls increased at the fastest pace in a year. New orders improved to their best level since October. This is another indicator reflecting the bounce back in the economy after subdued Q1 growth.

About the Author

David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.

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