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Gold Price Prediction – Prices Rebound as Dollar Slips

Gold prices bounced for a third consecutive trading session. The selloff in the greenback helped provide tailwinds for gold prices. U.S. Yields were mixed U.S. Treasury bonds continued to attract traders. U.S. home sales declined in line with expectations. According to the National Association of Realtors, sales of previously owned dropped by 2% in August to an annualized rate of 5.88 million units. Sales were 1.5% lower than August 2020 for the first annual decline in 14 months.

Technical analysis

Gold prices rebounded but continue to form a bear flag pattern. This pattern is a continuation event that pauses before it refreshes lower. Prices remained below resistance seen near the 10-day moving average, at 1,790. Target support is seen near the August lows at 1,677. The 10-day moving average has crossed below the 50-day moving average, which means that a short-term downtrend is now in place. Short-term momentum has reversed and turned positive as the fast stochastic generated a crossover buy signal.

Medium-term momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover signal. This sell signal occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line). The MACD histogram is printing in negative territory with a downward sloping trajectory which points to lower prices.

This article was originally posted on FX Empire

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