Gold Price Prediction for December 28, 2017

Gold prices moved higher on Wednesday following a stronger than expected same store sales report, that buoyed the yellow metal. Resistance is seen near the November highs at 1,300 while support is seen near the 10-day moving average at 1,271. Momentum is positive as the MACD histogram prints in the black with an upward sloping trajectory that points to higher prices. The RSI (relative strength index) broke out ahead of price action reflecting accelerating positive momentum and likely higher prices for the yellow metal.

Same Store Sales Rose

U.S. same store sales grew 5.7% year over year in week ended December 23, according to Johnson Redbook. Sales for the month to date through December 23 grew 4.1% year over year, but were up just 0.1% on a month over month basis. Sales for all of December are seen 4.5% higher compared to December of last year, while a 0.5% rise is seen versus November of this year.