Gold Price Prediction for March 28, 2017

Gold prices rallied buoyed by the weakness in the greenback, but prices were capped as riskier assets gained traction late in the U.S. trading session.  Stocks settled well of their lows, which pushed U.S. yields higher buoying the dollar and weighing on the yellow metal. Support on gold is seen near the 10-day moving average at 1,234.  Resistance is seen near the 200-day moving average at 1,258. A close above this level would lead to a test of target resistance near the 1,300 mark.

Momentum Remains Positive

Momentum on gold prices which can be seen on the gold chart, is positive as the MACD (moving average convergence divergence) index recently generated a crossover buy signal. The index is printing in the black with an upward sloping trajectory which points to higher prices for gold. The RSI (relative strength index) pushed higher breaking out and poised to test a triple top near 71.  A break of this level would reflect accelerating positive momentum.