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Gold prices rebounded slightly on Wednesday as the dollar eased paving the way for higher gold prices. US yields moved lower across the curve with the 10-year dropping 3-basis points to 72-basis points. US wholesale inflation figures came out stronger than expected following Tuesday’s CPI report which showed that consumer inflation remains tame.

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Technical analysis

Gold prices rebounded on Wednesday after dropping on Tuesday. Prices recapture short term support is seen near the 10-day moving average at 1,902. Resistance is seen near the 50-day moving average at 1,933. Short-term momentum has turned negative as the fast stochastic generated a crossover sell signal on the upper end of the neutral range. Medium-term momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line.  The MACD histogram also generated a crossover buy signal rising above the zero-index line.

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US PPI Rose More than Expected

U.S. wholesale prices increased more than expected in September, leading to the first year-on-year gain since March according to the Labor Department. The PPI index rose 0.4% in September after advancing 0.3% in August. PPI increased 0.4% year over year in September after falling 0.2% in August. Expectations had been for PPI to gain 0.2% in September on both a month over month and year over year basis. Core PPI, which excludes food, energy increased by 0.4% in September. Core PPI had increased by 0.3% for three straight months. Core PPI climbed 0.7% year over year. The core PPI rose 0.3% on a year-on-year basis in August.

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