Gold Price Prediction for June 26, 2017

Gold prices moved higher on Friday, edging off support levels, as the dollar lost ground, paving the way for higher gold prices. Resistance is seen near the 50-day moving average at 1,258.  The 10-day moving average crosses below the 50-day moving average which means that a short-term downtrend is in place.  Support is seen near an upward sloping trend line at 1,230.  A break of this level would lead to a test of the May lows near 1,213.

Negative Momentum is Decelerating

Momentum on gold prices remains negative but its decelerating. The MACD (moving average convergence divergence) histogram is printing in the red with a rising trajectory which points to decelerating negative momentum.  The RSI (relative strength index) moved higher with price action and is currently printing a reading of 48, which is in the middle of the neutral range and reflects consolidation.