Gold Price Prediction for June 30, 2017

Gold prices moved lower, despite a stronger than expected rise in the Euro, as risk aversion continues to fade paving the way for lower gold values. Stronger than expected inflation numbers out of German were unable to buoy the yellow metal. Support is seen near an upward sloping trend line at 1,234.  Resistance is seen near the 10-day moving average at 1,248.  Momentum remains negative as the MACD (moving average convergence divergence) histogram prints in the red with a downward sloping trajectory which points to lower prices.

German CPI Was Higher than Expected

German state CPI numbers higher than expected. After the release of preliminary June CPI readings from 5 states it seems the German headline rate will come in higher than anticipated, as annual rates remained steady or nudged higher and point to a 0.1% points increase in the national CPI rate rather than the deceleration that initially was expected.