Gold: Remains Under Pressure amid Subdued Investment Demand

From cityindex.co.uk

Official data released on Tuesday showed that U.S. retail sales grew 0.3% on month in October, weaker than +0.5% expected. However, spot gold was still down 0.5%, as Covid-19 vaccine development continues to weigh on gold prices. Meanwhile, Bloomberg data showed that total know ETF holdings of gold dropped for a fourth straight session to 109.7 million troy ounce as of November 17 and below October's level. From a technical point of view, spot gold remains under pressure as shown on the 1-hour chart. In fact, its previous rebound has failed to break above the 38.2% Fibonacci retracement resistance of the decline ... (full story)