Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

On Monday (in GMT terms) gold for delivery in December traded within the range of $1,311.8-$1,322.6. Futures closed at $1,312.7, shedding 0.33% from Friday’s close. It has been the 185th drop in the past 350 trading days and also a second consecutive one. The daily low has been a level unseen since September 21st, when the commodity went down as low as $1,310.9 per troy ounce. In weekly terms, gold futures lost 1.83% of their value during the past week. It has been the 18th drop in the past 39 weeks. The precious metal has retreated 0.33% so far during the current month, after gaining 0.43% in September.

On the Comex division of the New York Mercantile Exchange, gold futures for delivery in December were inching down 0.04% on Tuesday to trade at $1,312.2 per troy ounce. The precious metal went up as high as $1,315.4 during early Asian trade, while the current daily low was at $1,308.7 per troy ounce, recorded during the early phase of the European trading session. The latter has been the lowest price level for gold since September 2nd ($1,307.4).

The US Dollar Index, a gauge reflecting the relative strength of the greenback against a basket of 6 other major currencies, was edging up 0.49% on the day at a level of 96.12, after going up as high as 96.13 earlier. The latter has been the highest level for this index since September 21st. The gauge has risen 0.77% so far in October, following a 0.65% drop in September.

Gold futures reached fresh 2-week lows on October 3rd, as US 2-year bond yields rose to highs unseen since September 21st. The US Dollar was broadly supported after the recent upbeat data points on consumer sentiment and manufacturing activity, which added to rate hike expectations regarding the Feds policy meeting in February 2017. Stronger dollar continued to pressure dollar-priced commodities on Tuesday as well.

Additional hints on US economic strength may be provided by the upcoming reports on services sector activity and employment conditions, scheduled for Wednesday and Friday.

Market players will be also paying a close attention to the public appearances of a number of Federal Reserve officials this week. At 12:05 GMT today the Fed President for Richmond and also a FOMC member, Jeffrey Lacker, is expected to speak at the West Virginia Economic Outlook Conference in Charleston, WV. Any remarks in regard to the Bank’s future policy or US macroeconomic environment would certainly heighten USD and gold volatility.

According to CME’s FedWatch Tool, as of October 3rd, market players saw a 10.3% chance of a rate hike occurring at the Federal Reserve’s policy meeting in November, or unchanged compared to the prior business day, and a 61.6% chance of a hike in December, also unchanged compared to the preceding business day. As far as the February 1st 2017 meeting is concerned, the probability of such a move was seen at 64.0% on October 3rd, up from 63.1% in the prior business day.

Meanwhile, silver futures for delivery in December were shedding 0.19% on the day to trade at $18.832 per troy ounce, after going down as low as $18.773 a troy ounce during the mid phase of the Asian trading session.

Daily, Weekly and Monthly Pivot Levels

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

R1 – $1,313.7
R2 – $1,314.7
R3 (Range Resistance – Sell) – $1,315.7
R4 (Long Breakout) – $1,318.6
R5 (Breakout Target 1) – $1,322.1
R6 (Breakout Target 2) – $1,323.5

S1 – $1,311.7
S2 – $1,310.7
S3 (Range Support – Buy) – $1,309.7
S4 (Short Breakout) – $1,306.8
S5 (Breakout Target 1) – $1,303.3
S6 (Breakout Target 2) – $1,301.9

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

Central Pivot Point – $1,326.4
R1 – $1,336.8
R2 – $1,356.5
R3 – $1,366.9
R4 – $1,377.3

S1 – $1,306.7
S2 – $1,296.3
S3 – $1,276.6
S4 – $1,256.9

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

Central Pivot Point – $1,326.7
R1 – $1,348.0
R2 – $1,378.8
R3 – $1,400.1
R4 – $1,421.3

S1 – $1,295.9
S2 – $1,274.6
S3 – $1,243.8
S4 – $1,212.9

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

  • Commodity Market: Pivot Levels for Thursday (March 23rd 2017)Commodity Market: Pivot Levels for Thursday (March 23rd 2017) Silver (SI) for May delivery (1 Troy Ounce)R1 – $17.591 R2 – $17.605 R3 (Range Resistance – Sell) – $17.618 R4 (Long Breakout) – $17.658 R5 (Breakout Target 1) – $17.704 R6 (Breakout Target 2) – $17.724S1 – $17.565 S2 – […]
  • Commodity Market: Gold trades near one-week lows as US Dollar hits a 19-week peakCommodity Market: Gold trades near one-week lows as US Dollar hits a 19-week peak Spot Gold traded little changed in proximity to Thursday's one-week low on Friday and was poised to register its first weekly loss in three weeks, as recent upbeat US macro data and accelerating vaccine roll-outs pushed the US Dollar to […]
  • GBP/USD managed to hold gains, following upbeat UK retail salesGBP/USD managed to hold gains, following upbeat UK retail sales British pound managed to preserve gained positions against the US dollar, after pulling back from session lows earlier on Thursday, following a report to show UK retail sales increased for a second month in a row during June.GBP/USD […]
  • Forex Market: EUR/HKD daily trading forecastForex Market: EUR/HKD daily trading forecast Yesterday’s trade saw EUR/HKD within the range of 9.5543-9.7037. The pair closed at 9.5719, plunging 1.35% on a daily basis.At 7:27 GMT today EUR/HKD was down 0.35% for the day to trade at 9.5373. The pair touched a daily low at […]
  • FedEx share price down, sees lower full-year earningsFedEx share price down, sees lower full-year earnings FedEx Corps shares took a hit on Wednesday after the worlds largest cargo airline projected lower full-year earnings, despite a huge jump in third-quarter profit.The package delivery company reported a net income of $580 million, or $2.01 […]
  • Binary Tribune’s Daily Trading SignalsBinary Tribune’s Daily Trading Signals EUR/USD: Enter long above 1.1069 with targets at 1.1097 and 1.1105 and stop-loss order at 1.1040. If a breakout above 1.1133 is observed, go long with a target at 1.1170, with the stop being placed at 1.1105. Enter short below 1.1111 with […]