Gold Prices Prediction for January 10, 2017
Gold Prices Technical Overview
Prev. Close 1,184.9
Day’s Range 1,180 – 1,185.55
52 wk Range 1,073.7 – 1,376.4
1-Year Change 7.58%
Gold Prices Forecast
Gold price edged higher as the dollar lost ground against most major currencies and sentiment in Europe picked up. Support on the yellow metal is seen near the 10-day moving average at 1,160, while resistance is seen near the January highs at 1,185. Momentum remains positive as the MACD (moving average convergence divergence) index prints in the black with an upward sloping trajectory which points to higher gold prices.
Bank of France business sentiment at highest level in 5 years. The overall index unexpectedly rose to 102 in December from 5 in November, although order levels fell back to 9 from 10 in the previous month and the expected production level for January dropped to just 2 from 10. Still, the data ties in with other positive survey findings in the Eurozone and backs expectations for robust growth going into 2017.