Gold Silver Reports — Comex Gold Price Forecast Report By Neal Bhai Indian Goldman — Gold prices rebounded from session lows and generated a doji day which is an open and close at the same level. Prices were able to bounce of support near the 10-day moving average at 1,342.
Prices are continuing to form a bull flag continuation pattern which is a pause that refreshes higher. Solid Eurozone PMI manufacturing data along with softer than expected U.S. productivity weighed on the dollar paving the way for a rebound in gold prices. Prices are poised to test resistance near the January highs at 1,366.
Momentum is negative as the MACD (moving average convergence divergence) index prints in the red. This will make it difficult for prices to break out despite a declining dollar. The RSI is also moving sideways which reflect consolidation. – Goldman Neal Bhai Reports