Gold Price Prediction for October 5, 2017

Gold prices settled in near support levels, following a stronger than expected ISM Services report that helped buoy U.S. yields which paved the way for a stronger greenback and capped golds movement. Prices attempted to move higher but hit resistance near the 10-day moving average at 1,285. Support is seen near the 100-day moving average at 1,272. Momentum remains negative as the MACD (moving average convergence divergence) histogram prints in the red with a downward sloping trajectory which points to lower prices.

ISM Services Hit a 12-year High

The Institute for Supply Management reported that its index of non-manufacturing activity rose to 59.8, which was the highest since the August 2005 reading of 61.3. The latest reading also topped expectations of 55.5. The index was 55.3 the month before.