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Market News International gold prices look at US$1,832 in the short-term

International gold prices look at US$1,832 in the short-term

On November 17, international gold prices rose slightly, covering part of the overnight decline. Prior to this, US retail sales jumped more than expected, pushing the U.S. dollar close to a 16-month high. Shows that high inflation has not yet curbed spending, although concerns about rising costs of living caused consumer confidence to fall to its lowest level in 10 years in early November. The price of gold looks at US$1832 in the short-term.

2021-11-17
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On Wednesday (November 17), international gold prices rose slightly, covering part of the overnight decline. Prior to this, US retail sales jumped more than expected, pushing the dollar close to a 16-month high. The price of gold looks at US$1832 in the short-term.

At GMT+8 13:57, spot gold rose by 0.12% to US$1852.81 per ounce; the main COMEX gold contract rose by 0.02% to US$1854.4 per ounce; the US dollar index rose by 0.09% to 96.041.


The price of gold once rose to the highest level since June 14 to $1,87.15 per ounce overnight, but ended up down by more than 0.6% to $1,850.63 per ounce. The US dollar index continued to rise on Wednesday, hitting a new high of 96.266 since July 17, 2020.

The monthly rate of retail sales in the United States jumped 1.7% more than expected in October, indicating that high inflation has not yet curbed spending, although concerns about rising costs of living caused consumer confidence to fall to its lowest level in 10 years in early November.

Fed officials said on Tuesday (November 16) that they are vigilant about the ways in which higher inflation may affect American households and suppress consumer confidence, and hope to keep them under control.

Data show that after the end of the British government's job-guarantee subsidy program, British employers added more employees in October. This data may alleviate the Bank of England's concerns about the risk of interest rate hikes.

On the daily chart, the price of gold is in the downward iv wave that started from US$1877 and fell below the 23.6% Fibonacci retracement level of the iii wave at US$1849. The market outlook is expected to drop to the 38.2% Fibonacci retracement level of the iii wave at US$1832. . Waves iv and iii are both sub-waves of the upward wave (iii) that started at $1758. The (iii) wave is a sub-wave of the upward wave ((iii)) that started from $1,720.
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