Gold Price Prediction for December 2, 2016

Gold prices moved lower on Thursday as a stronger than expected U.S. Challenger reported helped buoy the dollar and pave the way for lower gold prices.  Support is seen near the July 2015 lows at 1,076.  Resistance is seen near the 10-day moving average at 1,191.  Momentum remains negative and the RSI is testing the lows.  The current print of 23, is below the oversold trigger level of 30 and could foreshadow a correction.

U.S. Challenger reported announced layoffs declined 3.8k in November to 26.9k, after a 13.6k drop in October to 30.7k. On an annual basis announced layoffs are down 13.0% year over year versus -39.1% year over year in October. For the year-to-date, reported layoffs have fallen 81.6k and are off 14.2% year over year.