Gold Price Prediction for August 29, 2016

Gold prices whipsawed and then moved lower follow statement from the FedsVice Chair Fischer who pointed to next week’s payrolls report as an important gauge after stronger hiring reports the past 3-months, amid evidence that the economy has strengthened.  This came on the heels of Janet Yellen’s speech at Jackson Hole Wyoming.

Gold prices surged following the Chair’s speech up to resistance near the 10-day moving average at 1,338, but was unable to hold elevated levels and then slumped to session lows.  Support is seen near the July low at 1,309.  Momentum remains negative as the MACD (moving average convergence divergence) index prints in the red with a downward sloping trajectory which points to lower prices for the yellow metail.