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Gold Prices Notch up 5-week High on Softer Greenback

By:
David Becker
Published: Aug 23, 2015, 08:55 UTC

Gold prices moved higher on Friday, notching up its 3rd consecutive higher close, running into its 100-day moving average at $1,166.  It also pushed

Gold Prices Notch up 5-week High on Softer Greenback

Gold prices moved higher on Friday, notching up its 3rd consecutive higher close, running into its 100-day moving average at $1,166.  It also pushed through recent resistance at $1,150 which should act as short term support, followed by the 10-day moving average at $1,125.  Softer treasury yields have allowed the dollar to declining in value, which in turn has helped the yellow metal gain traction.

Momentum on gold prices are positive  with the MACD (moving average convergence divergence) index printing at its highs level in 2015, pointing to higher gold prices. Target resistance is now seen near $1,200 per ounce.

Gold Prices Notch up 5-week High on Softer Greenback
Gold Prices Notch up 5-week High on Softer Greenback

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.

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