Metals

December Gold Sneaks Past $1,300 Mark

Posted 08/18/2017 10:05AM CTNicholas DeGeorge

In the early morning trade, December gold has extended its three day rally to about $30 and is currently up another $7 an ounce today. December gold has reached a high of $1,306.9 to day and is currently trading at $1,300.6, which now means gold is trading at its highest level since early June. The biggest factor on the rise of gold this week is the dovish Fed comments on Wednesday and the terrorist incident in Barcelona yesterday was another prominent force. Furthermore, there is fear in the markets that global equities might begin to deteriorate as they are at their all-time highs.

If we take a quick look at the daily December gold chart, you’ll clearly see that gold is in a strong up trend and now currently made a triple top if you take the April 17 and the June 6 highs. The shiny one might be do for a slight pull back, but the bull camp is definitely in charge, so we might even see a rally up to $1,325.0 first. Below I provided a daily chart of December gold. 

Dec ’17 Gold Daily Chart

Dec '17 Gold Daily Chart

Nicholas DeGeorge

Nicholas DeGeorge began his financial career in the mortgage/ banking industry. After a successful seven year career, he had an opportunity of a lifetime to trade for one of the larger proprietary day trading firms at the Chicago Board of Trade. While there, he specialized in trading energy (mostly crude oil), metals and e-mini S&P 500. After two years of being a proprietary trader, Nicholas became a Senior Commodities Broker at MF Global and worked for the top commodity trading adviser at the firm. While he was there, he learned a great deal about position trading and was exposed to other markets like grains and soft commodities. Nicholas attended Eastern Illinois University.