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Gold continues to hold strong support above $1,450

Commentaries & Views

Yesterday's close: Settled at 1464.9, down 0.2

Fundamentals: Gold did a good job trying to secure a near-term low on the heels of Friday's blowout jobs report. Furthermore, the metal is up 0.5% this morning despite news that the U.S and China are close to delaying the December 15th tariffs. Yesterday, we noted in the Midday Market Minute that the Treasury complex was holding in terrifically and would help Gold do the same; today's 10-year Note auction must be watched closely. Also keeping a bid under Gold is today's Nonfarm Productivity report which contracted larger than expected while Unit Labor Costs also whiffed. The Fed begins their two-day policy meeting today and concludes with a policy announcement at 1:00 pm CT followed by Fed Chair Powell's press conference at 1:30 pm CT.

Technicals: Gold has done what we requested yesterday, hold the previous 1459.8 December low and hug our pivot into settlement at a minimum. Now, all we need to see is a settlement above first key resistance at 1469.2-1472.7 in order to neutralize Friday's selloff.

Bias: Neutral

Resistance: 1469.2-1472.7**, 1484.9-1486***, 1500**

Pivot 1465.1-1466.8

Support: 1459.8*, 1453.1-1454***

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