Gold Price Prediction for November 9, 2017

Gold prices moved higher making a fresh 1-month high on Wednesday and then settling back into a 1-month range, up on the day at the close.  Support is seen near a downward sloping trend line which coincides with a 10-day moving average at 1,274.  Resistance is seen near the October highs at 1,306.  Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal.

The MBA Mortgage Market Index Was Flat

U.S. MBA mortgage market index was flat accompanied by a 0.5% gain in the purchase index and 0.5% fall in the refinancing index. The average 30-year fixed mortgage rate sank 4 basis points to 4.18% for the week ended November 3. As expected, the Fed did not hike last week, but remained fairly upbeat on the economic outlook and kept its options open, while continuing to roll off past QE balances