Metals

Are The Bulls or Bears in Charge of Gold?

Posted 10/04/2019 9:11AM CTNicholas DeGeorge

In the early morning, December gold is trading down today and off its overnights highs due to a decent jobs number today along with the unemployment rate falling to a record fifty year low of 3.5%. Furthermore, gold couldn’t hold on to the gains from yesterday even with a weakening dollar and global uncertainty, which could put the gold bulls on edge. However, if this farce of an “impeachment inquiry” continues to get out of hand, then the bulls might continue to stay in charge due to investors’ fears. Once again though, with today’s solid jobs number watch for the bears to pile in a try and drive this market below $1,500 a troy ounce.

If we take a quick look at the daily December gold chart, you’ll clearly see the that it’s been in a range for the last few weeks, which has made a systematical triangle pattern. The support will be the last and October low of $1,465 and the resistance will roughly be the September 4th high of $1,543. I have highlighted these levels below on my RJO Pro daily December gold chart.

Nicholas DeGeorge

Nicholas DeGeorge began his financial career in the mortgage/ banking industry. After a successful seven year career, he had an opportunity of a lifetime to trade for one of the larger proprietary day trading firms at the Chicago Board of Trade. While there, he specialized in trading energy (mostly crude oil), metals and e-mini S&P 500. After two years of being a proprietary trader, Nicholas became a Senior Commodities Broker at MF Global and worked for the top commodity trading adviser at the firm. While he was there, he learned a great deal about position trading and was exposed to other markets like grains and soft commodities. Nicholas attended Eastern Illinois University.