Technical Analysis Gold for November 16, 2015

Gold prices where nearly unchanged on Friday after generating an inside day but closing at a weekly low.  The gain in the greenback during the week put pressure on the yellow metal, which is unlikely to gain traction if the dollar is strong.  Friday’s softer than expected U.S. retail sales initially helped gold prices move higher, but they were unable to hold their gains and slumped back toward support near the July lows at 1,076.  Resistance is seen near the 10-day moving average at 1,099.

U.S. retail sales rose 0.1% in October, and were up 0.2% excluding autos, both on the light side of expectations. Additionally, September figures were revised lower with the 0.1% headline gain nudged down to unchanged, and the -0.3% ex-auto figure was bumped down to -0.4%. But sales excluding autos, gas, and building materials increased 0.3% versus unchanged previously. Auto sales slipped 0.5% lower after three months of gains.