Gold prices rose as the dollar and US yields continued to decline. The decline in the US 10-year yield eased a measure following the minutes of the Federal Reserve meeting, which showed that the Fed was expecting more signs of growth. Given the strong level of US home prices, MBS may reduce its bond purchase first. Analyst David Becker interprets the markets and explains his expectations for the gold price.
David Becker: Pay attention to these levels for gold prices!
Analyst David Becker interprets the markets and draws attention to critical levels. Analyst David Becker quotes his predictions as follows:
Gold prices rose and continued to recover. Support is seen near the 10-day moving average around $1,782 followed by an upper true sloping trend line near $1,762. Resistance is seen near the 50-day moving average at 1.834. The short-term momentum turned positive as the fast stochastic cross creates a buy signal. Medium-term momentum turned positive as the MACD (moving average convergence divergence) index created a cross-bought signal. This happens when the MACD line (12-day moving average minus the 26-day moving average) crosses above the MACD signal line (9-day moving average of the MACD line).
What do FED minutes show?
Last month, Federal Reserve officials felt that valuable further progress in economic recovery was generally now seen as unmet. At its June 15-16 meeting, the Federal Open Market Committee said that participants expect continued progress. FED minutes show that the economy is making progress, but is now not valuable enough to trigger a contraction in the Fed’s bond-buying program. Cryptocoin. com, as we previously reported, for more gold claims “Goldman Sachs: Just Beginning! Gold Price Goes To These Levels” You can review our article.
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