RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

In the early morning trade, October gold is currently down $6 and trading at $1264.5 an ounce. After this morning’s better than expected monthly non-farm payroll number, October gold has pulled back $8 off its overnight high. The bull camp took back control after yesterday’s morning sell off, but it has been making lower highs this week which cannot be ignored for a possible reversal. Furthermore, after today’s job number, the US Dollar has caught a bid and that also is putting pressure on gold at these price levels.

If we take a look at the daily gold chart, you’ll clearly see that October gold is in a near-term up trending market. Furthermore, there are some bullish moving average technical patterns on the daily gold chart. The 20-day moving average crossed over the 200-day moving average this week and is slopping up and about to cross above the 50-day moving average. If it does, then look for more buying momentum to come into play and push October gold up to around $1,300.0 an ounce. Below is a daily October gold chart with highlighted technical levels. 

Oct ’17 Gold Daily Chart

Oct '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.