Gold Price Prediction for December 18, 2017

Gold prices whipsawed initially moving higher above resistance near the 10-day moving average t 1,255, but were unable to remain elevated and slipped toward its lows into the close.  Support is seen near the December lows at 1,240.  Softer than expected NY Manufacturing edged the dollar allowing gold to remain buoyed.  Negative momentum is decelerating as the MACD (moving average convergence divergence) histogram prints in the red with an upward sloping trajectory which points to consolidation.

Manufacturing in NY is softer than Expected

The Empire State headline slipped to 18.0 in December from 19.4 in November and an 8-year high of 30.2 that was also seen in September of 2014, though the ISM-adjusted Empire State rose to 55.0 from 54.7 in November, versus a 6-year high of 57.0 in September. The producer sentiment surveys are only slowly giving back the sharp rise with the hurricane rebuild, after showing little of the expected summer moderation from lofty peaks at the start of 2017.