Gold Price Prediction for December 05, 2016

Gold prices consolidated holding support levels and unable to make a fresh low for December, as the dollar lost ground following a in line employment report released on Friday.  Yields edged lower allowing the greenback to ease, paving the way for gold to edge higher.  Resistance on the yellow metal is seen near the 10-day moving average at 1,189, while support is seen near the December lows at 1,160.

The gold market remains oversold as the RSI (relative strength index) is printing a reading of 26, which is below the oversold trigger level of 30 and could foreshadow a correction. Momentum remain negative as the MACD (moving average convergence divergence) index prints in the black, but the trajectory has flattened reflecting consolidation.

Gold Fundamental Forecast

Gold Technical Analysis