Technical Analysis Gold for November 26, 2015

Gold prices moved lower on Wednesday as the dollar gained strength on solid jobs data.  A stronger than expected Durable goods report also created headwinds for gold. Prices of the yellow metal attempted to push above resistance near Tuesday’s highs at 1,081.  Additional support is seen near the 20-day moving average at 1,094.  Support is seen near the November lows at 1,063.  Momentum is flat with the MACD (moving average convergence divergence) index printing slightly in the red with a very stable to flat trajectory. The relative strength index (RSI) is printing a reading of 31, which is just above the oversold trigger level of 30.

U.S. jobless claims fell 12k to 260k in the week ended November 21 from a revised 272k previously. The 4-week moving average was unchanged at 271k. Continuing claims rebounded 34k to 2,207k in the November 14 week following the prior dip to 2,173k.