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Gold Price Prediction for December 15, 2017

David Becker

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

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