In the early morning, December gold is trading down today and off its overnights highs due to a decent jobs number today along with the unemployment rate falling to a record fifty year low of 3.5%. Furthermore, gold couldn’t hold on to the gains from yesterday even with a weakening dollar and global uncertainty, which could put the gold bulls on edge. However, if this farce of an “impeachment inquiry” continues to get out of hand, then the bulls might continue to stay in charge due to investors’ fears. Once again though, with today’s solid jobs number watch for the bears to pile in a try and drive this market below $1,500 a troy ounce.
If we take a quick look at the daily December gold chart, you’ll clearly see the that it’s been in a range for the last few weeks, which has made a systematical triangle pattern. The support will be the last and October low of $1,465 and the resistance will roughly be the September 4th high of $1,543. I have highlighted these levels below on my RJO Pro daily December gold chart.