• Wed. Apr 14th, 2021


All content has been processed with publicly available content spinners. Not for human consumption.

Gold Price Prediction – Gold Rises Bouncing Near Support Despite Robust Durable Goods Orders – FX Empire

Gold prices initially moved lower as the dollar gain traction, but the yellow metal rallied into the close of the trading session. The dollar reversed course initially rising following a stronger than expected US capital goods order report. Prices continue to trade sideways in a relatively tight range. US yields moved higher but are also rangebound.

Trade gold with FXTM

Technical analysis

Gold prices tested lower levels but bounced into the close. Prices were still unable to recapture resistance near the 10-day moving average at 1,950. Target support is seen near the 50-day moving average at 1,876. Medium-term momentum remains negative as the MACD histogram is printing in the red with a sliding trajectory which points to lower prices. Short-term momentum has turned positive as the fast stochastic generated a crossover buy signal. The relative strength index has also turned higher reflecting decelerating negative momentum.

Durable Goods Orders Rise More than Expected

Durable goods orders surged 11.2% in July, compared with expectations of an increase of 4.3% and a 7.6% increase in June. New orders for capital goods slowed in July, suggesting the rebound in business investment could become more gradual. Orders for non-defense capital goods excluding aircraft, a proxy for business investment, increased 1.9% last month, according to the Commerce Department. Core capital goods orders jumped 4.3% in June. Expectations were for core capital goods to climb by 1.9% in July.