Gold Price Prediction for November 17, 2017

Gold prices consolidated trading in a very tight range, and opening and closing at the same level forming a doji day which is one of indecision.  The dollar also traded sideways, despite a larger than expected increase in U.S. import prices.  Resistance on the yellow metal is seen near the 50-day moving average at 1,289. Support is seen near an upward sloping trend line that comes in near 1,269. Momentum is neutral as the MACD (moving average convergence divergence) histogram prints in the black with a flat trajectory which points to consolidation.

Import Prices Rise

U.S. import prices increased 0.2% in October with export prices unchanged, both below forecasts. The September import price gain of 0.7% was revised up to 0.8. The 0.8% September export jump was bumped down to 0.7%. On a 12-month basis, import prices downshifted to a 2.5% year over year pace versus 2.7% year over year, with export prices at 2.7% year over year from 2.8% year over year. For imports, petroleum prices were 1.7% higher after climbing 6.3% previously.