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Gold Price Forecast — Gold Prices Held Steady Despite Risk-Averse Market Sentiment

Alina Haynes

May 19, 2022 10:43

Despite the decrease in yields, gold prices remained relatively unchanged. The dollar rises to levels not seen in two decades as investors put dollar-bearing wagers. As investors flocked into bonds in response to the sell-off in equities, benchmark rates lost ground.

 

The Dow Jones and Nasdaq had significant daily drops as inflation fears increased in response to earnings announcements. Today, the yield on ten-year bonds fell by 9 basis points.

 

In April, residential dwelling starts decreased by 0.2% due to higher mortgage rates. The 30-year loan rate rose to 5.3% last week, up from 2.94 percent a year ago. Inflationary spirals and high material costs have weighed on the housing market.

 

Harker, president of the Philadelphia Fed, predicted that the Fed will implement two 50-basis-point rate hikes in June and July during FOMC meetings.

Technical Evaluation

In light of expected Fed rate hikes, gold prices will stay range-bound. Gold prices are experiencing downward momentum approaching the 1,800 level and are going toward $1780, which was near the trading session's low.

 

Near the 16 May lows near 1788 is viewed as support. The prior support level around the 200-day moving average of 1,838 represents resistance.

 

Short-term momentum becomes negative as the Fast Stochastic may imply a sell crossover. As the fast stochastic displays a value of 22.22 below the oversold threshold of 20, prices remain oversold.

 

As the MACD produces a crossover sell signal, medium-term momentum has gone negative. This occurs when the 12-day moving average minus the 26-day moving average crosses below the MACD line's 9-day moving average.

 

The trajectory of the MACD (moving average convergence divergence) histogram is negative, indicating falling prices.

  

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