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David Becker

 

Gold prices moved higher on Friday and closed up 0.66% for the week. This was the 7th consecutive weekly increase in gold prices as the yellow metal touch an 8-year high. The dollar closed lower declining by 0.75% for the week which paved the way for higher gold prices. A stronger than expected housing starts report helped lift US yields which put upward pressure on gold prices.

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Gold prices finished the week near 8-year highs and continue to trend higher. Support is seen near the 10-day moving average near 1,801. A break of this level could lead to a test of support near the 50-day moving average near 1746. Resistance is seen near the July highs at 1,815. Medium-term momentum has turned negative 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).

US Housing Start Rise More than Expected

US Housing starts increased by 17.3% to an annual rate of 1.186 million units last month, according to the Commerce Department. Data for May was revised up to a 1.011 million-unit pace from the previously reported 974,000. Expectations were for housing starts to rise to a rate of 1.169 units

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