Gold Price Prediction – Gold Rebounds as Trump Team Renews Campaign Against China
Gold prices rebounded on Monday as a risk-off trade took hold and bitcoin prices headed south. The dollar moves sideways, and US yields consolidated, ahead of inflation data that is scheduled to be released later in the week. The Trump administration is set to continue its campaign against China in the final days of its administration, paying no regard to how the Biden administration will conduct its foreign policy.
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Technical analysis
Gold prices rebounded on Monday, recapturing resistance, which is now support near the 10-day moving average at 1,845. Resistance is seen near the 50-day moving average at 1,879. Short-term momentum has turned positive as the fast stochastic generated a crossover buy signal and continues to accelerate higher. Medium-term momentum has turned positive as the MACD (moving average convergence divergence) index is poised to create a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line).
The Trump Administration Continues To Fight China
The Trump administration looks set to continue its fight against China in its final days. Reports suggest that a new list of sanctions levied 12 Chinese individuals could be released soon. This list is said to include several high-ranking officials that are being targeted for their role in the recent issues surrounding Hong Kong.
