Gold market needs to do a more work after Tuesday's rally
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Yesterday’s close: Settled at 1484.4, up 15.2
Fundamentals: Gold secured a strong session yesterday as trade worries roiled risk-sentiment. The metal is holding steady to down marginally as headlines and President Trump himself pointed to renewed hope that a trade deal can be achieved, which also means avoiding the December 15th tariffs. The private ADP Payroll survey was released this morning and fell well short of expectations with 67k jobs versus 140k expected. This brought a bid to the metal as it sets the table for Friday’s Nonfarm Payroll.
Technicals: Gold achieved major three-star resistance at 1489.4-1486 and we were vindicated for not becoming more bullish upon strength yesterday. First key support comes in at 1469.2-1472.7 but Gold is likely due for some consolidation now that our momentum indicator has caught up at 1483.
Resistance: 1484.9-1486***, 1500**
Support: 1469.2-1472.7**, 1459.8*, 1453.1-1454***