December 05, 2016 Gold Price Prediction

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Gold prices consolidated holding support levels and unable to make a fresh low for December, as the dollar lost ground following a in line employment report released on Friday. Yields edged lower allowing the greenback to ease, paving the way for gold to edge higher. Resistance on the yellow metal is seen near the 10-day moving average at 1,189, while support is seen near the December lows at 1,160.

The gold market remains oversold as the RSI (relative strength index) is printing a reading of 26, which is below the oversold trigger level of 30 and could foreshadow a correction. Momentum remain negative as the MACD (moving average convergence divergence) index prints in the black, but the trajectory has flattened reflecting consolidation.


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EUR/USD is down to test a key support level and 2016 lows at 1.0517 with a low of 1.0533 so far on the prospects of Renzi resigning after a no vote win in the Italian referendum.
EUR/USD opened the day with a bearish gap as exit polls showed the 'No' vote heavily in the lead.

EUR/USD exchange rate is 1.0555.

Our Recommendation:
It is recommended to sell as it is going down.

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