Gold Price Prediction – Prices Trade Sideways Following Trade Deal Announcementgold prices remain rangebound
Gold prices remained rangebound edging slightly higher and unable to gain traction despite a decline in the greenback which was offset by a rally in US yields. This came as the US and China have announced that an agreement in principle was all but complete.
Trade gold with FXTM
Gold prices attempted to move higher as the dollar whipsawed but were unable to push through resistance near the moved higher pushing through short-term resistance near the 50-day moving average near 1,479. Short term support seen near the 10-day moving average at 1,469. Prices remain in a downward sloping consolidation pattern, after running up to fresh multi-year highs in September. Short term momentum has turned positive as the fast stochastic generated a crossover buy signal. Medium-term momentum is neutral as the MACD histogram prints in the black with a flat trajectory which points to consolidation.