Gold Price Prediction for July 6, 2017

Gold prices remained buoyed following news from the Pentagon that North Korea’s ICBM missile was a new one, Prices are forming a bear flag pattern which is a pause that refreshes lower.  Prices remain below the recent break down level near a downward sloping trend line at 1,232.  Support is seen near the May lows at 1,213.  Momentum on gold prices remains negative as the MACD (moving average convergence divergence) index prints in the red with a downward sloping trajectory which points to lower prices.

Pentagon Claims that North Korea has a new Missile

The Pentagon claims that N. Korea’s ICBM missile test was a “new type of missile that we’ve not seen before” and was fired from a mobile launcher and had a re-entry vehicle. Further, it warns that the ICBM test was a danger to shipping near Japan, aircraft as well as satellites in space.