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Gold Price Prediction for December 14, 2016
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Gold prices continued to move lower on Tuesday continuing to perpetuate the downtrend that is currently in place. Stronger than expected Chinese data
Gold prices continued to move lower on Tuesday continuing to perpetuate the downtrend that is currently in place. Stronger than expected Chinese data lifted stocks pushing yields higher and allowing the dollar to generate headwinds for gold prices. Resistance is seen near the 10-day moving average at 1,168, while support is seen near the July 2015 lows at 1,076. Gold prices remain oversold as the RSI (Relative strength index) is printing a reading of 26.5, which is below the oversold trigger level of 30 and could foreshadow a correction.
Chinese November Industrial Production increased by 6.2%, compared to expectations of a rise of 6.1%. On the Consumer front in the world’s second largest economy, retail sales rose 10.8%, which was the largest rise since last December. Expectations were for a 10.2% increase. Fixed asset investment came out in line with expectations at 8.3%.
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.
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