Gold Price Prediction for November 23, 2017

Gold prices moved higher on Wednesday rising as the greenback moved lower, despite a stronger than expected jobless claims report that was offset by the disappointing U.S. Durable Goods Orders. Prices are testing this week’s highs at 1,293, and would then target the October highs at 1,306.  Support is seen near the 10-day moving average at 1,282.  Momentum is edging higher, with the MACD histogram printing in the black with a slightly positive trajectory.

U.S. Jobless Claims Declined

U.S. jobless claims fell 13k to 239k in the week ended November 18, which unwinds the 13k jump to 252k in the November 11 week which was revised from 249k. The 4-week moving average rose to 239.75k versus 238.5k previously (revised from 237.75k). Continuing claims climbed 36k to 1,904k in the week ended November 11 which also erased the prior week’s 36k drop to 1,868k which was revised from 1,860k.