Gold Price Prediction – Prices Drop to Support as the Dollar Surges
Gold prices dropped sharply on Friday as the dollar surged higher. The move in the dollar came despite a further decline in U.S. yields. The 10-year Treasury yield closed at the lowest level in 4-months declining down to 1.45%, after hitting a high of 1.67% early in May. The net worth of U.S. households climbed to new heights as 2021.
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Gold prices rebounded from session lows and continue to accelerate higher close in h black. Support is seen near an upward sloping trend line that comes in near 1,872. Short-term resistance is seen near the 10-day moving average at 1,896 .Target resistance is seen near the May highs at 1,916. Short-term momentum continues to whipsaw after turning positive as the fast stochastic generated a crossover buy signal. Medium-term momentum has turned negative as the MACD (moving average convergence divergence) as the…