Gold Price Prediction for October 18, 2017
Stronger than expected import prices buoyed the dollar paving the way for lower gold prices on Tuesday. Prices were able to hold support near the 10-day moving average near 1,286, with additional support seen near the 100-day moving average at 1,275. Positive momentum is decelerating as the MACD (moving average convergence divergence) histogram is edging lower with a downward sloping trajectory which points to consolidation.
Import Prices Move Higher in September
U.S. import prices climbed 0.7% in September, with export prices up 0.8%. There was no revisions to the 0.6% gain in August import prices, but the 0.6% export price increase was nudged up to 0.7%. Compared to a year ago, import prices accelerated to a 2.7% year over year pace versus 2.1% year over year in August, while export prices rose to a 2.9% year over year rate versus 2.4% year over year.
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