Gold Price Prediction for December 12, 2016
Gold prices moved lower closing at a fresh 9-month low as the dollar continued to gain traction paving the way for lower gold prices. Resistance is seen near the 10-day moving average at 1,175, while support is seen near the July lows at 1,076. A stronger than expected Chinese Inflation report failed to list gold prices. Gold is solely focused on currency depreciation.
The RSI (relative strength index) moved lower with price action reflecting accelerating negative momentum. The RSI is a momentum oscillator that measures overbought and oversold levels. The currency reading of 26, is below the oversold trigger level of 30.