Gold Next Stop 1350? - RJO Futures Weekly Gold Outlook
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Featuring views and opinions written by market professionals, not staff journalists.
Weekly Gold Focus â€“ Gold futures will continue to keep an eye on the weakening Dollar Index that is starting off 2018 at a 3-month low despite three more interest rate hikes expected throughout the year. Rising Geopolitical risks with North Korea and Iran has helped set the stage for the safe-haven trade to back in the cards. The top two events to keep an eye out for with a fairly busy economic schedule this week are Wednesday’s ISM manufacturing data expected at 58.2 and Friday’s December Payroll report expected at +188,000. Congress comes back into session on Wednesday and they have until Jan. 19 to come up with a new budget in order to prevent a government shutdown.
Important Global Events for the Week
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Daily Chart Analysis and Price Outlook
The charts above are from provided by RJO Futures PRO, an exclusive and sophisticated online trading platform with integrated tools to seamlessly trade and monitor the markets.
Analysis and Outlook
The daily gold chart shows momentum indicators MACD and slow stochastics are rising into overbought territory confirming the bullish trend. ADX, which measures strength of the trend, has strengthened significantly to 32.14 showing that the trend is continuing to get stronger. Gold needs to move back over $1320 which should spark another wave of short covering. Caution should be taken if we see a two day close below $1300 where a washout could occur down to $1260.