Daily Gold Price Technical Analysis for January 13, 2017
Gold Price Fundamental Analysis
Gold price moved higher for a 4th consecutive trading session as the dollar lost ground paving the way for higher gold prices. Gold recaptured the 50-day moving average on Wednesday which is now seen as support at 1,183. Target resistance on the yellow metal is seen near the 200-day moving average at 1,240. The RSI (relative strength index) broke out hitting the highest levels seen since November reflecting accelerating positive momentum which points to a higher exchange rate.
The 5-day moving average has crossed above the 50-day moving average which shows that a short term up trend is now in place. Momentum remains positive as the MACD (moving average convergence divergence) prints in the black with an upward sloping trajectory which points to higher prices for the yellow metal.
Gold Price Technical Support and Resistance
Support 1: 1193.92
Support 2: 1191.08
Support 3: 1186.50
Resistance 1: 1203.08
Resistance 2: 1205.92
Resistance 3: 1210.50