Make Kitco Your Homepage

Gold’s daily battle continues

Commentaries & Views

Yesterday’s close: Settled at 1480.5, down 0.7

Fundamentals: Gold is certainly battling despite daily records being set by U.S equity markets. The Treasury complex is paring some of yesterday’s brutal losses, losses that Gold was able to ignore; if the Treasury complex can continue to hold ground today it will prove favorable for Gold. However, we do not believe Gold could withstand another negative session in Treasuries even half as bad as yesterday without giving up some ground. Building Permits and Housing Starts both beat expectations this morning. Both Boston Fed President Rosengren and NY Fed President Williams speak at 11:30 am CT. It is important to know though that Williams remains a voting member in 2020, whereas slight hawk Rosengren does not.

Technicals: We remain cautiously Bullish in the near-term and expect a favorable rally over the intermediate and long-term through February or March. Our levels below or tight with our momentum indicator coming in at 1481 and minor support at 1477.3-1477.4; Gold is favorable above here. Still, we have yet to see a close back above major three-star resistance at 1484.9-1486 since slipping November 7th.

Bias: Neutral/Bullish

Resistance: 1484.9-1486***, 1491.6-1493***, 1500-1503**
Pivot: 1481
Support: 1477.3-1477.7*, 1468.2-1469.2**, 1463***, 1459.8*, 1453.1-1454***

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.