November 17, 2021

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.

Trade gold with FXTM

Technical analysis

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…

Read full article here: