Gold Price Prediction for November 24, 2016

Gold prices moved lower on Wednesday, breaking through support which is now seen as resistance at 1,199.  Prices are now poised to test the July lows at 1,080.  Resistance is seen near the 10-day moving average at 1,220.  Wednesdays stronger than expected Durable Goods orders helped the dollar gain traction paving the way for lower gold prices.

Momentum remains negative as the MACD (moving average convergence divergence) index is printing in the red with a downward sloping trajectory which points to lower prices for the yellow metal.  The RSI (relative strength index0 moved lower with price action reflecting accelerating negative momentum. The only caveat is the current reading on the RSI is 24, which is below the oversold trigger level of 30 and could foreshadow a correction in prices.

Gold Fundamental Forecast

Gold Technical Analysis Forecast