Gold Price Prediction for November 22, 2017

Gold prices traded in a very tight range generating a doji day which is a sign of indecision. Gold should get a boost from strong holiday purchases. Prices are hovering near the 10-day moving average at 1,280, with support near the October lows at 1,260, and resistance seen near the October highs at 1,306. Momentum is neutral as the MACD (moving average convergence divergence) histogram prints in the black with a flat trajectory which points to consolidation.

U.S. Chain Store Sales Rose

U.S. chain store sales rose 1.2% in the week ended November 18 to 116.6 after dipping 0.6% to 115.2 previously. The 12-month pace slowed slightly to 2.4% year over year versus 2.6% year over year, and is down from 3.6% year over year in the November 4 week, which was the fastest clip since June 2016.