Gold Price Prediction for January 24, 2017

Gold prices moved higher Monday as the dollar lost ground against most major currencies in the wake of the Trump inauguration protectionism speech. The focus will now move to trade and NAFTA which President Trump is looking to renegotiate.  This will generate headwinds for the greenback and potentially lift the yellow metal.

Support on gold prices is seen near the 10-day moving average at 1,202. Resistance is seen near the mid-November highs at 1,233. Prices are generating a small bull flag pattern which is a pause that refreshes. Momentum remains positive as the MACD (moving average convergence divergence) prints in the black with an upward sloping trajectory which points to higher prices.