Gold Silver Reports – Gold Price Forecast for October 12, 2017 – Gold prices were nearly unchanged on Wednesday following the Fed’s minutes from the September FOMC meeting. It appears that the December rate hike is fully baked in the cake, but inflation expectations are lower in 2018.
This will all change in 2018 when new Fed members take the voting reigns. Prices formed a doji day where the open and close were at the same level reflecting indecision.
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Gold Momentum has Turned Positive
Support is seen near the 10-day moving average at 1,279. Resistance is seen near the 50-day moving average at 1,297. Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover 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. – Neal Bhai Reports
Gold Price Forecast for October 12, 2017 | Neal Bhai Reports | Gold Silver Reports