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James Hyerczyk
Daily December Comex Gold
Daily December Comex Gold

December Comex Gold futures finished sharply lower on Tuesday as investors continued to exit long positions ahead of Friday’s U.S. Non-Farm Payrolls report. Traders estimate the report will show the economy added 179K jobs in October. This would be enough, in their opinion, to give the Fed the evidence it needs to raise interest rates as early as December.

Daily December Comex Gold

On Tuesday, gold closed at $1114.10. This puts it in a position to test a pair of angles today at $1115.30 and $1103.10.

Yesterday, the market tested the angle that moves up to $1115.30 today. This is the last potential support angle before the October 2 main bottom at $1103.80.

A sustained move over $1115.30 today will indicate the presence of buyers. It may not be aggressive new longs, however, but only profit-taking and short-covering, following the prolonged break from $1183.10.

Taking out the main bottom at $1103.80 will reaffirm the downtrend. Crossing to the weak side of the steep downtrending angle at $1103.10 will put gold in an extremely bearish position. This could trigger the start of an acceleration to the downside with the July 24 main bottom at $1073.70 the primary downside target.

Based on yesterday’s close at $1114.10, look for a bullish tone to develop on a sustained move over $1115.30 and for a bearish tone to develop on a sustained move under $1103.10. Holding both of this levels will lead to a choppy, two-sided trade. 

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