RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Metals

Gold is Officially Bullish Trend Again

Posted 12/07/2018 9:07AM CT | Nicholas DeGeorge

In the early morning trade, February gold is currently trading at $1,249.4 which is up $6 an ounce overnight. Gold has yet again extended its rally that started back on November 13th and now trading at its highest level in over two months. Some of the key issues moving gold higher today is the sell-off in the dollar and the week jobs number this morning which might have caused some safe-haven buying or protection. Furthermore, Fed Chair Powell said that the U.S. labor market is very strong, so over the long hall, strong economic growth should be good for the metals.

If we take a quick look at the daily February gold chart, you’ll see that it’s a very bullish chart. Earlier this week it broke out of the symmetrical triangle pattern its been trading in for the last couple of months. Moreover, it is currently trading at the high on October 18th of $1,252, so if it breaks above this level, the shiny one should enjoy a momentum rally up to it’s 200-day moving average of $1,275 an ounce or higher to the $1,300 handle. The levels I spoke about above are highlighted below on my RJO Pro daily February gold chart.

Gold Feb ’19 Daily Chart

Gold Feb '19 Daily Chart

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Nicholas DeGeorge

Senior Market Strategist
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.
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