Gold Price Prediction For July 28, 2016

Gold prices moved higher as the Fed kept rates unchanged and focused on the lack of inflation as a reason for rates to remain low for longer.  There statement appears to have opened the door for September but the market seems to have pushed back potential tighten until December.  Prices sliced through the 10-day moving average near 1,327, and will likely target resistance near the July highs at 1,370. The RSI moved higher with price action reflecting accelerating positive momentum.
[wibbitz]bcfe19cabad9d4a65a815b99f70847799[/wibbitz]
FOMC held rates unchanged and opted for a slightly more upbeat outlook. The Fed said “Near-term risks to the economic outlook have diminished.” Economic activity was expanding at a “moderate rate,” said the statement, and added that June job gains were strong. On balance, payrolls and other labor market data point to some increase in labor utilization. However, market based inflation measures remain low.