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David Becker
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Gold prices continued to rally as the dollar moved lower and U.S. yields continued to decline. The U.S. 10-year yield dropped nearly 10-basis points this week. Consumer sentiment rose by less than expected while homebuilders surged to a 15-year high. The University of Michigan showed its preliminary consumer sentiment index rose to 86.5 from a final reading of 84.9 in March. Expectations are that the index would rise to 89.6.

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Technical analysis

Gold prices continued to rally, pushing above resistance near the 50-day moving average at 1,753, which is now seen as support. Target resistance on the yellow metal is seen near the February highs at 1,855. Short-term momentum reversed and turned positive as the fast stochastic generated a crossover buy signal. The current reading on the fast stochastic is 84, above the overbought trigger level of 86. Medium-term momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. The MACD histogram is printing in positive territory with a declining trajectory which points to consolidation. The 10-day moving average crossed above the 50-day moving average, which means that a short-term average is nearly in place.

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U.S. Housing Starts Surged

U.S. Housing Starts surged to a 15-year high in March. Housing starts surged 19.4% to an annual rate of 1.739 million units last month, the highest level since June 2006. Expectations had been for Housing Start to rise to a rate of 1.613 million units in March.

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