Gold Price Prediction for June 29, 2017

Gold prices were nearly unchanged, generating a doji day which is a scenario where the open and the close are at the same level reflecting indecision. Softer than expected Italian inflation showed and a clarification of Draghi’s comments on Tuesday, helped take the edge off the Euro and capped gold prices. Support is seen near an upward sloping trend line that comes in near 1,235.  Resistance is seen near the 10-day moving average at 1,249. Negative momentum is decelerating as the MACD prints in the red with a flat trajectory which reflects consolidation.

Italian Inflation Contracted.

Italian HICP inflation fell back to just 1.2% year over year in June, from 1.6% year over year in the previous month. Base effects continue to play a role and transport costs, which include petrol prices, rose 3.0% year over year, a marked deceleration from the 3.7% year over year in the previous month.