Gold price has pulled back slightly after rallying for most of the week. This movement of gold was observed despite the drop in the dollar index (DXY). Cryptocoin. com
As we reported , US Yields continued to fall after the Fed minutes released on Wednesday and unemployment claims data on Thursday. The decline in U.S. Treasury 10-year bonds eased. In addition to these developments, an analyst made predictions for the price of gold.
Technical analysis for gold price from analyst
FXEmpire analyst David Becker shared his technical analysis for gold. “Gold prices have dropped yellow and continue to consolidate above support seen near the 10-day average near 1,784. Resistance is seen near the 50-day Harekedollarsi average at 1,835. Short-term momentum turned negative after turning positive on Wednesday as it formed a quick stochastic cross-sell signal. ” he uses.
In the medium-term, the medium-term momentum has changed positively as the “MACD (movement-average convergence divergence) index creates a cross-bought signal. This happens when the MACD line (12-days movementollary mean minus 26-days movementollary mean) rises above the MACD signal line (9-days of the MACD line). The MACD histogram shows positive territory with an upward sloping trajectory pointing to higher fiyadollarar,” he adds.
US jobless claims increase more than expected
Many data affect the gold price, especially in the USA. The important topics of this week were the minutes of the meeting of the US Federal Reserve held on June 15-16 and unemployment applications. Unemployment claims rose unexpectedly last week, according to the U.S. Labor Department. This scenario could mean that employment has reached a temporary peak, which is somewhat reflected in this week’s JOLTS report. For the first time in the week ending July 3, jobless claims totaled 373,000, compared to the expected 350,000. The previous week’s level rose by 7,000 from 364,000 to 371,000. The price of gold is changing hands at $1,808 an ounce, a price increase of 0.34%.