Gold Price Prediction for October 23, 2017

Gold prices moved lower on Friday, whipsawing after testing the 10-day moving average and closing near the session lows. A stronger than expected Canadian CPI helped weigh on gold prices. Support on gold is seen near the October lows at 1,260. Momentum is neutral as the MACD (moving average convergence divergence) index prints near the zero-index level with a flat trajectory which reflects consolidation.

Canada CPI Grew in September

Canada CPI grew at a 1.6% year over year pace in September following the 1.4% pace in August. CPI climbed 0.2% month over month after a 0.1% rise in August. The growth rates for September were as expected. CPI-trim grew at a 1.5% year over year pace in September after a 1.4% year over year clip in August. CPI-median was up 1.8%, the same as the revised 1.8% year over year in August. CPI-common expanded 1.5%, identical to the 1.5% year over year gain in August.