Gold has been one of our very best performed assets in recent weeks. As the slide has gained some stream, our signals have been really performing well.
During the week, the FOMC hinted that US rates will be rising in the December meeting. Overall that’s bearish for gold which trades somewhat inversely to the USD.
We also have to remember that today is non-farm payrolls, so I would be hesitant to take a position prior to that unless you are watching it closely.
Key Levels
To the downside, clearly, 1270 is shaping up to be a big level. If we can take that out and hold, I think we are going to get a big move lower.
I’m looking to sell spikes, so anything around 1283-85, would be right on the downtrend. Of course, this could change if we had a big move on the back of NFP. But for now, I’m looking at both of those regions as my areas of interest.
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