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David Becker

 

Gold prices consolidate their weekly gains on Friday as the dollar rebounded. The Greenback fell to a 33-month low on Thursday and continued to lift the week’s commodity complex. US yields moved higher despite a decrease in riskier assets. US leading economic indicators came out slightly better than expected while the US current account deficit widened by more than expected.

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Technical analysis

Gold prices traded lower on Friday finishing the week up 2.18%, above support near the 50-day moving average near 1,871. Target resistance is now seen near the November highs at 1,960.  Short-term momentum has turned positive as the fast stochastic generated a crossover buy signal. Prices are overbought. The current reading on the fast stochastic is 89, above the overbought trigger level of 80, which could foreshadow a correction. Medium-term momentum is positive as the MACD (moving average convergence divergence) histogram prints in the black with an upward sloping trajectory which points to higher prices.

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Leading Economic Indicators Beat Expectations

The leading economic index increased 0.6% last month, according to the Conference Board. That was a bit better than Wall Street had forecast. The index had risen 0.8% in October and 0.7%. The U.S. current-account deficit, a measure of the nation’s debt to other countries, rose 10.6% largely in the third quarter because of an increase in the trade gap on goods.

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