Gold Price Prediction for November 8, 2016

Gold prices moved lower on Monday moving through support which is now seen as short term resistance near the 10-day moving average at 1,283.  The announcement by the FBI that they would not charge HRC give there were no additional emails in the new ones found 10-days ago gave a lift to riskier assets reducing the shine on gold prices.  Support is seen near the October lows near 1,250.  Additional resistance is seen near last week’s highs at 1,307. Softer than expected inflation in Switzerland also reduce the demand for gold.

Momentum as reflected by the MACD (moving average convergence divergence) index remains positive as the MACD (moving average convergence divergence) index prints in the black with an upward sloping trajectory which points to higher prices.On the inflation front, it appears that increasing prices in Switzerland has been harder than expected. Swiss October CPI undershot expectations at -0.2% year over year in the headline reading, the 24th month of deflation.

Gold Fundamental Forecast

Gold Technical Analysis Forecast