Gold Price Prediction for August 29, 2017

Gold prices broke out surging above resistance near 1,300 and poised to hit target resistance near the November 6, 2016 U.S. Presidential election day highs at 1,337. Support is seen near former resistance at 1,300. Missiles out of North Korea over the weekend, help buoy the value of the yellow metal. Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. The MACD histogram is printing in the black with an upward sloping trajectory which points to higher prices.

North Korea Launched Missiles

North Korea launched three short-range ballistic missiles Saturday. According to the U.S. Pacific Command, two of the missiles flew 250k; the other apparently failed on liftoff. This will test President Trump’s promise of “fire and fury” and that North Korea should be “very nervous…because things will happen to them like they never thought possible.” Analysts say the launches are likely in response to the joint U.S.-South Korea military exercises taking place through the end of the month.