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Gold Price Predication – Prices Rise as Yield Drop for the Week
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Housing starts surge to a 15-year high
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.
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.
About the Author
David Beckerauthor
David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.
