Gold Price Prediction For July 29, 2016

Gold prices edged slightly lower on Thursday but remained above support near the 10-day moving average at 1,327.  Resistance on the yellow metal is seen near the July highs at 1,370.  A wider than expected U.S. trade goods report kept gold prices capped.  While momentum remains negative it is poised to turn positive as the MACD is set to generate a buy signal.

U.S. Advance trade in goods report showed a $63.3 billion deficit in June, widening from -$61.1 billion in May. June exports bounced 0.9% to $120.3 billion after dipping to $119.1 billion previously. Imports were up 1.8% to $183.5 billion after rising to $119.1 billion in May. Wholesale inventories edged up 0.04% to $589.3 billion from $589.1 billion. Retailer inventories increased 0.5% to $604.2 billion from $601.2 billion. The data will help fine tune GDP forecasts ahead of Friday’s release.