Gold Price Prediction for February 24, 2017

Gold prices broke out as the dollar eased following softer than expected jobless claims that paved the way higher for the yellow metal.  Prices sliced through resistance near 1,244, which is now seen as support.  Target resistance on gold is now seen near the November closing highs at 1,303.  Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. The index is now printing in the black with an upward sloping trajectory which points to higher prices. The relative strength index (RSI) moved higher with price action reflecting accelerating positive momentum.

Jobless Claims Dip Paving the Way for Higher Gold Prices

U.S. initial jobless claims rose 6k to 244k in the week ended February 18 after rising 4k to 238k previously, according to the Department of Labor. That saw the 4-week moving average dip to 241k from 245k. Continuing claims dropped 17k to 2,060k for the February 11 week, after dipping 2k to 2,077k.