Get Ready For Opportunity: This Week’s Gold Market Is Primed To Deliver!
Shain Vernier • 1 min read
To open the trading week, we have pricing for December gold futures entering an interesting technical position. My colleague Arslan broke down the gold market in-depth earlier on in the session, and I concur with his diagnosis: gold is in a make-or-break situation facing the intermediate-term.
December Gold Futures, Daily Chart
Today’s U.S. session is going to be a key element for the coming week’s trade of gold. As of now, we are trading within a defined support zone near the Daily SMA. If this area holds, we will have a great opportunity to get long.
Here are a few of my key levels for today:
Daily SMA at 1313.3
78% retracement at 1315.5
62% retracement at 1325.3
Spike low at 1302.3
20 Day EMA 1321.6
Bollinger MP 1317.9
In addition to these levels, there is a pending Bollinger MP/SMA crossover. If it comes to fruition on today's close, this is a bearish signal that may be of use in trade management.
As we move forward towards this week's FED meeting, the value of gold will be a hotly debated topic. And that will give us a chance to make a few pips!
Bottom Line: There are many ways to trade gold. On the forex, futures or even cash markets. It is up to the investor to decide which avenue is most suitable. However, there is no denying that gold is trading in a critical technical range. There will be an opportunity in this market very soon.
Start the week off right and check out the trading signals page here at FX Leaders. Currently, there is a signal for gold that may prove to be very opportune.