Gold prices edged higher forming a doji day, where the open and the close were at the same level reflecting indecision. Stronger Home Prices gave gold prices a boost. Prices are grinding higher and are poised to test the October highs near 1,306. Support is seen near the 10-day moving average at 1,287. Momentum is also sliding higher, with the MACD (moving average convergence divergence) histogram is printing in the black with an upward sloping trajectory which points to higher prices.
Home Prices Rose
U.S. September Case-Shiller home price index rose 0.4% to 203.50 in the 20-City index after rising 0.39% to 202.68 in August which was revised from 202.87. The annual pace of price appreciation accelerated to 6.19% year over year from 5.82% year over year. That’s the fastest pace since July 2014. The September 10-City index increased 0.48% to 217.27 after rising 0.39% to 216.23. It’s up 5.70% year over year versus 5.21% year over year previously.