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Weekly Outlook: Gold December 10 - 14

Release Time:2018-12-10 02:09

Market Commentary

Gold futures are trading higher early Friday shortly before the regular session opening and the release of the U.S. Non-Farm Payrolls report. Traders are reacting to a weaker U.S. Dollar and a report that the U.S. Federal Reserve may pause its tightening cycle. Today’s job report will offer clues as to the health of the economy, which some say is starting to slow.

Gold was supported on Thursday after the Wall Street Journal reported that Federal Reserve officials were considering whether to signal a new wait-and-see approach after its widely expected rate hike in December.

Technical Commentary

After spending many days in a broad range Gold was able to close above 1245. Now next important level to watch are 1266. Any close above 1266 will indicate big strength.Follow the Gann levels given below and create your own trading plan.

MAJOR SUPPORT LEVELS ON CLOSING BASIS ARE:: 1236-1225-1215-1195- 1180-1153-1120-1045

MAJOR RESISTANCE LEVELS ON CLOSING BASIS ARE :: 1266-1280-1298-1310