Advertisement
Advertisement

Gold Price Prediction – Prices Slip but Hold Support

By:
David Becker
Published: Sep 17, 2020, 18:32 UTC

Jobless claim rise less than expected

Gold Price Prediction – Prices Slip but Hold Support

Gold prices moved lower as the dollar whipsawed as investors shunned the Fed’s decision to keep interest rates unchanged. The Fed said that they planned to keep interested rates near zero for the next 3-years which should help buoy the yellow metal.

Trade gold with FXTM

Regulated By:FCA, CySEC , FSCA, FSCM
Headquarters:Cyprus
Foundation Year:2011
Min Deposit:$10
82% of retail CFD accounts lose money
Official Site:
Demo Account:Open Demo Account
Max Leverage:1:30 (FCA), 1:30 (CySEC ), 1:500 (FSCA), 1:3000 (FSCM)
Publicly Traded:No
Deposit Options:Wire Transfer, Credit Card, Skrill, Neteller, , Local Deposit, , Maestro, Visa, Mastercard
Withdrawal Options:Wire Transfer, Credit Card, Skrill, Neteller, Mastercard, , , PerfectMoney, Maestro, Visa
Products:Currencies, Commodities, Indices, Stocks
Trading Platforms:MT4, MT5, ,
Trading Desk Type:No dealing desk, ECN, Market Maker
OS Compatability:Desktop platform (Windows), Desktop platform (Mac), Web platform
Mobile Trading Options:Android, iOS

Technical analysis

Gold prices moved lower unable to gain momentum bouncing at support near the 50-day moving average at 1,932. Prices pushed back through short term support is seen near the 10-day moving average near 1,944. Target resistance is seen near the September highs at 1,979. 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). Short-term momentum has turned positive as the fast stochastic generated a crossover buy signal. The relative strength index is moving sideways to higher which is a sign of accelerating positive momentum.

Jobless Claims Rise Less than Expected

US Jobless claims rose by 860,000 for the week ended September 12, according to the Labor Department.  Expectations were for new claims to rise by 875,000, against the previous week’s upwardly revised 893,000. Continuing claims, which fell 916,000 to 12.63 million, compared with the 13 million expected. The four-week moving average for continuing claims dropped by 532,750 to 13.5 million. Continuing claims peaked at 24.9 million in early May.

About the Author

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.

Did you find this article useful?

Advertisement