According to federal data released on Wednesday, November 16th, Retail Sales in the United States rose by 1.3% last month, exceeding expectations for a 1.2% increase. Sales excluding cars rose 1.3%, compared to expectations for a 0.6% increase.
US oil inventories fell by 5.4 million barrels in the week ending November 11, to 435.4 million barrels, compared to expectations for a decline in inventories of about two million barrels.
Gold prices closed Wednesday, November 16th with losses, after touching a 3-month high during the session, as the market continued looking for hints about the path of interest rates from the Federal Reserve.
US stocks fell at the end of trading on Wednesday, November 16, pressured by losses in retail stocks after Target issued bleak forecasts regarding holiday sales.
Dollar index (USDX)
Retail Sales in the US rose faster than analysts expected in October, as consumers continued to spend despite rising inflation.
Investors are pinning hopes that the data will prompt the Federal Reserve to slow the pace of rate increases aimed at curbing inflation.
The dollar index continues to decline to its important resistance levels at 106.60 and indicates a possible continuation of the decline. In the hourly chart, the technical indicators are showing signs of a bullish swing from current levels, but the moving averages are indicating the opposite. In the meantime, the daily chart confirms the moving averages’ readings and shows the possibility of further decline towards 105.15.
Pivot point: 106.15
| Resistance Level | Support Level |
| 106.60 | 105.65 |
| 107.10 | 105.20 |
| 108.06 | 104.30 |
British Pound (GBPUSD)
The pound sterling settles near its important resistance levels at 1.1900, supported by the continued weakness of the US dollar, even after yesterday’s rise in Retail Sales in the USA.
Despite the conflicting technical readings in the short term, the readings are bullish, so far.
Pivot point: 1.1895
| Resistance Level | Support Level |
| 1.1960 | 1.1845 |
| 1.2000 | 1.1785 |
| 1.2115 | 1.1675 |
Spot Gold (XAUUSD)
Gold prices closed on Wednesday, November 16th with losses, after touching a 3-month high during the session, as the market continued looking for hints about the path of interest rates from the Federal Reserve.
Upon settlement, gold futures fell by 0.01%, or $1, to $1,775.80 an ounce, and it was trading at a high of $1,788.20.
Political tensions did not support gold prices after a Russian missile fell in Poland which, according to the AP, was said to be no indication it was a deliberate attack.
From a technical wise, today we see a continued decline in gold prices below 1768, with negative readings in the short term and within profit-taking operations.
Pivot point: 1,776
| Resistance Level | Support Level |
| 1,782 | 1,767 |
| 1,790 | 1,760 |
| 1,800 | 1,745 |
US Crude (USOUSD)
Oil prices fell at the settlement of trading yesterday, Wednesday, November 16, due to the resumption of Russian oil shipments through the Druzhba pipeline to Hungary, in addition to weak the investors’ weakened sentiment with the increase in Corona infections in China.
Upon settlement, Brent crude futures fell by $1.1 to $92.86 a barrel, and US West Texas Intermediate crude contracts fell by $1.33 to $85.59 a barrel.
In terms of economic data, US oil inventories fell by 5.4 million barrels in the week ending November 11 to 435.4 million barrels, compared to expectations for a decline in inventories of about 2 million barrels.
Pivot point: 85.05
| Resistance Level | Support Level |
| 86.50 | 83.30 |
| 88.30 | 82.00 |
| 89.50 | 81.50 |
