Gold Price Prediction for September 27, 2017

Gold prices whipsawed, trading in a tight range, and reversing Monday’s rebound, making a higher high and a higher low, despite finding resistance near the 10-day moving average at 1,308, and support near the 50-day moving average at 1,292. This is the second consecutive day that prices have remain in this tight range. The close at 1,297, appear to coincide with former resistance which could be seen as the breakout level experienced in August which is also the highs seen in April and June.

Momentum on Gold is Neutral

Momentum is neutral as the MACD (moving average convergence divergence) index prints in the red, but the trajectory of the MACD histogram is turning upward, which reflects consolidation. The RSI (relative strength index) is also moving sideways and is currently printing a reading of 45, which is in the middle of the neutral range and reflects consolidation.