Gold Price Prediction for September 26, 2016
Gold prices edged higher on Friday climbing for the 3rd consecutive trading session, following the inaction by the Federal Reserve on Wednesday, which eased yields along with the greenback. A weaker dollar is generally beneficial for the yellow metal. Resistance is seen near a downward sloping trend line that connects the highs in August to the highs in September and comes in near 1,345.
Momentum on gold prices has turned positive as the MACD (moving average convergence divergence) index generated a buy signal. This occurs as the spread (the 12-day moving average minus the 26-day moving average) crosses above the 9-day moving average of the spread. The index moved from negative to positive territory confirming the buy signal. The index is printing in the black with an upward sloping trajectory which points to higher prices for gold.
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