Gold Daily Analysis – August 17, 2017
Gold prices closed higher on Wednesday and continue to trade higher on Thursday morning as traders respond to the Federal Reserve minutes.
According to the report released by the Commerce Department on Wednesday – Housing starts dropped 4.8% to a seasonally adjusted annual rate of 1.16 million units.
Gold is trading at 1293.75 as of 8:00 GMT, +0.85%.
Technical Outlook
Gold prices has formed the Ascending broadening wedge pattern. prices push towards resistance line at 1300 which is a triple top and a struggling place. A break above will lead towards $1318-1362.
In the daily chart, The Long term 100-day moving average crossed above the Short term 50-day moving average which indicates a bullish momentum.
This article was originally posted on FX Empire
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