Gold Price Prediction for October 3, 2017

Gold prices lost ground as the dollar gained traction following the stronger than expected ISM manufacturing index. Prices dipped for the 4^th session in 5, declining down to support near the 100-day moving average at 1,272. Resistance is seen near the 10-day moving average at 1,292. Momentum remains negative as the MACD (moving average convergence divergence) histogram prints in the red with a downward sloping trajectory which points to lower prices

The ISM Soared

The Institute for Supply Management (ISM) said its index of national factory activity surged to a reading of 60.8 last month, the highest reading since May 2004, from 58.8 in August. Expectations were for the index to remain unchanged. A gauge of new orders jumped to 64.6 in September from 60.3 in August. Factories reported paying more for raw materials, with the survey’s prices paid index surging 9.5 point to 71.5, the highest reading since May 2011.

This article was originally posted on FX Empire

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