Gold Daily Analysis – August 10, 2017

Gold prices rose to one-week’s high on Wednesday and continue to extend gains on Thursday morning as investors concern due to the geopolitical tension between North Korea and Washington. Gold was trading at $1285.75 at the time of the report.

The producer price index and the consumer price index data will be published today and on Friday respectively, and expected to provide investors a better inflation outlook.

Technical Outlook

Gold hit the first moving average cross target at $1283 and might move higher towards $1300. The 50 day moving average crossed the Long term 100-day moving average as seen in the chart which indicates a bullish trend.

Current support will be the previous resistance at $1273. Additional support could be the 100 day moving average at $1256.