Gold prices rebounded as demand for retail products surged, showing that the holiday season is kicking into gear. Prices increased for a second consecutive day, running into resistance near the 10-day moving average at 1,257. Support is seen near the December lows at 1,236. Negative momentum is decelerating as the MACD (moving average convergence divergence) histogram prints in the red with an increasing trajectory which points to consolidation.
Retail Sales Were Strong
U.S. retail sales rose 0.8% in November and was up 1.0% excluding autos. October’s 0.2% headline increase was bumped up to 0.5% and the 1.9% September gain was boosted to 2.0%, while the 0.1% ex-auto gain was revised higher to 0.4% and the 1.2% September increase was revised to 1.3%. Excluding autos, gas, and building materials, sales were up a firm 0.8% versus 0.4% previously. Motor vehicles and parts sales dipped 0.2% from a prior 1.2% jump. That was about the only negative number.
This article was originally posted on FX Empire
More From FXEMPIRE:
- A Cycle of Opportunities for Yen Traders
- Important CAD Pairs’ Technical Outlook: 14.12.2017
- E-mini S&P 500 Index (ES) Futures Technical Analysis – December 14, 2017 Forecast
- How to Buy Bitcoin in Australia?
- EUR/USD Daily Technical Analysis for December 15, 2017
- ECB Leaves Rates Unchanged – Confirms QE Until September – Lifts Growth and Inflation Forecasts