Gold Price Prediction for August 9, 2017

Gold prices moved lower as the dollar gained traction on Tuesday following a stronger than expected JOLT’s report. U.S. yields backed up, paving the way for lower gold prices. Prices bounced near support at the 50-day moving average at 1,250. Resistance is seen near the 10-day moving average at 1,262.  Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal.  The MACD histogram is printing in the red with a downward sloping trajectory which points to lower prices.

JOLT’s Report Hits Record

Stronger than expected jobs data buoyed the dollar and weighed on gold prices. Today’s U.S. JOLTS report showed that the number of openings grew to 6.2 million on the last day of June 2017, a record high, according to the Labor Department. This represents an increase from 5.7 million on the last business day of May. The June number is the highest reported since the Labor Department began tracking the series in December 2000.