Gold Price Prediction for October 11, 2017

Gold prices rebounded on Tuesday, as the dollar gave up its recent gains, paving the way for higher gold prices.  Strong German trade data in conjunction with comments from ECB officials buoyed Eurozone yields which pushed gold prices higher. Prices tested resistance near the 50-day moving average near 1,296. Support on the yellow metal is seen near the 10-day moving average at 1,278.

Gold Momentum is Accelerating

Negative momentum is decelerating and positive momentum is taking hold which appears to be pushing the MACD toward a crossover buy signal. This occurs as the spread (the 12-day exponential moving average minus the 26-day exponential moving average) crosses above the 9-day exponential moving average of the spread. The MACD histogram has a positive trajectory which points to higher prices.