Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

On Friday (in GMT terms) gold for delivery in August traded within the range of $1,336.50-$1,371.35. Futures closed at $1,358.40, edging down 0.12% compared to Thursday’s close. It has been the 154th drop in the past 290 trading days and also a second consecutive one. In weekly terms, the yellow metal added 1.62% to its value during the past. It has been the 15th gain in the past 27 weeks and also a sixth consecutive one. The commodity has increased its advance to 3.09% so far during the current month, after surging 8.53% in June.

On the Comex division of the New York Mercantile Exchange, gold futures for delivery in August were edging up 0.11% on Monday to trade at $1,359.95 per troy ounce. The precious metal went up as high as $1,376.40 during early Asian trade, while the current daily low was at $1,358.00 per troy ounce, recorded during the early phase of the European trading session.

On July 6th the commodity reached highs unseen since mid-March 2014, going up as high as $1,377.45 per troy ounce.

The US Dollar Index, a gauge reflecting the relative strength of the greenback against a basket of 6 other major currencies, was advancing 0.45% on the day at a level of 96.74, after climbing as high as 96.81 earlier. The latter has been the gauges highest level since June 27th. The index has gained 0.56% so far during the current month, following a 0.33% increase in June.

On Friday gold volatility was bolstered during the 1-hour period immediately after the release of the US Non-Farm Payrolls report regarding June. Employers in all sectors of the economy with the exception of the farming industry, added 287 000 job positions last month, or well above the market consensus and following a revised down employment growth of just 11 000 jobs in May (38 000 reported previously). Junes numbers have been the strongest since October 2015, when 295 000 jobs were added. At the same time, the jobless rate in the country rose to 4.9% in June from 4.7% in May, as the labor force expanded. The number of people searching for employment increased by 347 000 to reach 7.8 million in June, which neutralized the decline in May. Average earnings per hour, however, rose at a monthly rate of 0.1% in June, falling short of expectations of a 0.2% gain, which suggested a somewhat subdued inflationary pressure. The latter may also urge Fed policy makers to maintain the current monetary policy stance.

According to CMEs FedWatch Tool, as of July 8th, market players saw a 5.9% chance of a rate hike occurring at the Feds policy meetings in September and in November, up from 0% in the prior day. As far as the December meeting is concerned, the probability of such a move was seen at 23.6%, up from 18.4% in the preceding day. At the same time, the probability of a rate cut occurring in July lowered to 1.2% as of July 8th, down from 3.6% on July 7th.

Meanwhile, silver futures for delivery in September were gaining 1.64% on the day to trade at $20.418 per troy ounce, after going up as high as $20.750 a troy ounce during the mid phase of the Asian trading session.

Daily, Weekly and Monthly Pivot Levels

By employing the traditional calculation method, the daily levels of importance for gold are presented as follows:

Central Pivot Point – $1,355.42
R1 – $1,374.33
R2 – $1,390.27
R3 – $1,409.18
R4 – $1,428.10

S1 – $1,339.48
S2 – $1,320.57
S3 – $1,304.63
S4 – $1,288.70

By using the traditional method of calculation again, the weekly levels of importance for gold are presented as follows:

Central Pivot Point – $1,357.45
R1 – $1,378.40
R2 – $1.398.40
R3 – $1,419.35
R4 – $1,440.30

S1 – $1,337.45
S2 – $1,316.50
S3 – $1,296.50
S4 – $1,276.50

In monthly terms, for the yellow metal we have the following pivots:

Central Pivot Point – $1,293.13
R1 – $1,380.87
R2 – $1,443.33
R3 – $1,531.07
R4 – $1,618.80

S1 – $1,230.67
S2 – $1,142.93
S3 – $1,080.47
S4 – $1,018.00

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Market Trading Observations for 29th of September In the last US trading session the bears ruled, sending the Dow with 1.66% to 34292.21, the S&P down with 2.05% to 4352.03 and the Nasdaq Composite down to 422.27, shedding off 2.82% from its market value. The 10 year Ts are continuing to […]
  • Gold and silver trading outlook: futures steady ahead of Fed minutes; SPDR assets dropGold and silver trading outlook: futures steady ahead of Fed minutes; SPDR assets drop Precious metals were steady during early trading in Europe today, ahead of Feds minutes release. Assets at the SPDR dropped to a five-year low on Tuesday. Elsewhere, Ukraine saw further confrontations on Tuesday, when the country’s richest man […]
  • Forex Market: GBP/USD daily trading outlookForex Market: GBP/USD daily trading outlook Yesterday’s trade saw GBP/USD within the range of 1.4902-1.5160. The pair closed at 1.5133, soaring 1.22% on a daily basis, or at the most considerable rate since October 14th, when it appreciated 1.50%. In addition, the daily high has been […]
  • Zuckerberg trying to win Samsung on his sideZuckerberg trying to win Samsung on his side Mark Zuckerberg, the founder and CEO of the worlds largest social network Facebook, traveled to South Korea to meet the co-CEO Shin Jong-kyun to discuss a potential partnership between the two companies. Jong-kyun “JK” Shin, is running Samsung […]
  • Commodity Market: Support and Resistance Levels for Wednesday (November 2nd 2016)Commodity Market: Support and Resistance Levels for Wednesday (November 2nd 2016) Silver (SI) for December delivery (1 Troy Ounce)R1 – $18.479 R2 – $18.539 R3 (Range Resistance – Sell) – $18.600 R4 (Long Breakout) – $18.781 R5 (Breakout Target 1) – $18.993 R6 (Breakout Target 2) – $19.099S1 – $18.358 S2 – […]
  • Natural gas hits 2-1/2 year high on deteriorating US weather conditionsNatural gas hits 2-1/2 year high on deteriorating US weather conditions Natural gas surged to the highest level in 2-1/2 years as short-term weather forecasts called for much below-normal temperatures across most of the densely-populated US areas. Freezing temperatures boost natural gas demand, as Americans crank […]