This week has already been a fruitful one for the gold bugs. Prices of December gold futures are on the bull, driving north above 1525.0. Thus far, risk-off has been the early theme, with investors choosing to favor the safe-havens instead of equities.

A bit earlier in the session, the Markit Manufacturing PMI for September was released to the public. The figure came in at 51.0, above expectations (50.3) and the previous release (50.3). While not a primary market mover, the report was well-received on Wall Street. Since it became public, stocks have made a short-term rally from early lows.

However, December gold futures are one of the lead stories today, gaining more than $12 per ounce.

December Gold Futures Back Above $1525.0

At the moment, the intraday trend is bullish for GOLD. Bidders are winning the day, with price putting in a hard test of the Daily SMA (1533.3).

Here are the key levels to watch for the remainder of the session:

• Resistance(1): Daily SMA, 1533.3
• Resistance(2): Upper Bollinger Band, 1546.4
• Support(1): Bollinger MP, 1513.3

Overview: Today’s close is going to be a big one for December gold futures. If we see prices extend above the Daily SMA (1533.3), a return to the psyche level of 1550.0 will become probable by mid-week. At this point, it appears to be all systems go for bullion bulls as sentiment towards equities is best described as mixed.