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Gold Price Prediction for May 25, 2017

By:
David Becker
Published: May 24, 2017, 18:04 UTC

  Gold prices closed higher than they opened, bouncing off support near the 10-day moving average at 1,245.  With geopolitics somewhat subdued, gold

Gold Price Prediction for May 25, 2017

 

Gold prices closed higher than they opened, bouncing off support near the 10-day moving average at 1,245.  With geopolitics somewhat subdued, gold prices have remained stable. On Wednesday next week, Ex-FBI Director James Comey will testify in front of the House Intelligence committee, and this will likely buoy gold prices.

Prices are Forming a Head and Shoulder Pattern

Prices are forming the right shoulder of a head and shoulder reversal pattern, with resistance seen near the 1,264 level.  A break of the neckline seen near 1,216, on high volume would confirm the reversal of gold prices. Momentum is neutral as the MACD (moving average convergence divergence) index prints in the black, with the MACD histogram declining reflecting decelerating positive momentum which reflects consolidation. The RSI (relative strength index) is flat lining, printing a reading of 52, which is in the middle of the neutral range and also reflects consolidation.

About the Author

David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.

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