December gold futures are currently exhibiting chaotic price action. This will be a challenging market to trade for today’s session. So far, we have seen whipsaw action with a proximity test of key psyche level 1300.00 on the U.S. Durable Goods release.

As my colleague Skerdian emphasized earlier, today’s symposium in Jackson Hole, Wyoming is on the minds of currency traders worldwide. It will certainly have the attention of bullion traders as well.

Today’s Roadmap For Gold

Today’s gold trade is likely to be pretty wild. December gold futures have traded with hefty volumes, nearing 200,000 contracts already.

December Gold Futures Daily Chart

A few technicals for December gold futures:

• 1300.00 looms large as a key psyche level, and one to keep an eye on.

• The intrasession low of 1281.3 is a pretty solid test of the 20 Day EMA at 1282.6.

• The 13 Day SMA at 1275.7 marks downside support.

• Currently, we are trading inside of last week’s range.

Bottom Line: Right now the gold market is explosive. With Yellen and Draghi due to hit the stage in the coming hours, it is best to take a wait and see approach.

I will be looking hard at the 13 Day SMA level as downside support. If it is tested and holds, a late-U.S. session long position may come into play. Stay tuned.