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Gold Price Prediction – Prices Rise for the Week but Remain Rangebound
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Gold prices consolidated and closed the week up 1.5% as the dollar moved sideways, and U.S. yields remained stable. U.S. Existing Home Sales came in
Gold prices consolidated and closed the week up 1.5% as the dollar moved sideways, and U.S. yields remained stable. U.S. Existing Home Sales came in stronger than expected, rising to a 14-year high. The Senate confirmed Janet Yellen, who will become the first woman to hold U.S. Treasury secretary.
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Technical analysis
Gold prices consolidated on Friday and is trading just above support near the 50-day moving average at 1,859. Resistance is seen near an upward sloping trend line that comes in near 1,939. Short-term momentum is positive as the fast stochastic generated a crossover buy signal. The current reading on the fast stochastic is 40, up from 21 and above the oversold trigger level. Medium-term negative momentum has decelerated as the MACD (moving average convergence divergence) histogram is printing in the red with a rising trajectory, which points to consolidation.
Existing Home Sales Surge
Sales of previously owned homes rose to a 14-year high, according to the National Association of Realtors. Existing-home sales rose 0.7% in December from November to an annual rate of 6.76 million. The December sales marked a 22% increase from a year earlier. Existing-home sales totaled 5.64 million in 2020, up 5.6% from 2019 and the highest level since the 2006 pace of 6.48 million.
About the Author
David Beckerauthor
David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.
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