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Gold prices and what to expect tomorrow


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December Comex Gold futures traded lower today after opening during the morning session (8:18 EST) just north of 1293 and having had a decent run up this past Friday. The US Dollar strengthened today combined with a nice uptick in the Dow with the S&P, Nasdaq and Russell all doing relatively well after what appeared to be a range-bound early session. There is uncertainty in Europe after the German coalition talks stalled and you can read that story from here directly by clicking on https://goo.gl/SfQ8B2. With the Fed almost assuring another rate hike ahead of the year-end, there appear to be some strong uncertainty in the demand for precious metals and Gold most certainly leads that pack.

Although, the main trend was up in line with the daily chart especially after Fridays strong move, the selling momentum appeared to catch some steam today. My DailyTarget indicator gave a confident reading of 1298.6 resistance (and upper target) and 1286 as support (and lower target) and right off the morning bell, we sold off and tagged that lower target by 10 am just hour into the equity cash session. You can see that computation in the chart image below:

Gold-2TGT-11-2017

For tomorrow, I have the following reading on Support & Resistance levels for Gold for intraday price levels:

SandR-Gold-11-2--21-17

Taking out $1271.40 will change the toggle the trend to down. Trading through this price level on decent volume either in the Globex session or in the day session tomorrow will likely cause stops to be taken out followed by 1266 below which there is little support up until about 1258.As I write this, the price sits closed ahead of the Globex open at 1276.2.

The move below my intraday lower target today took me by surprise although I did trade off the open for a nice gain, especially considering how well we did with the price action on Friday. This week, we will lack volume as traders are mostly slowing down ahead of the Thanksgiving Holiday session and shortened trading week.

For tomorrow, watch the price action around 1271.40, if we are unable to hold here expect a decent sell-off to continue into the session. To find out more about how I trade several futures instruments successfully everyday with a focused group of subscribers, email us at info@tradeguidance.com.



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About the author


Murali Sarma, Vice President of Business Integrations Inc., is an internationally known commodities analyst, author, trader and business consultant who has demystified commodity trading and introduced numerous futures trading strategies and indicators to traders - professional, non-professional and the novice trader - throughout the world. Murali began his trading career in the pre-dot-com bubble in 1998, electing to seek instruments to trade which had lesser volatility and offered more predictable analysis. From about 1999 to 2002, Murali traded out of the UK and moving to the US after that and working mostly independently with individual traders while learning from some of the best analysts and traders. While not being formally certified as a commodities trader, Murali preferred to hone in on his analysis and trading skills versus adding academically to his credentials. Murali believes that is isn’t about being right or wrong on your calls, it is about making money!

Murali has helped several traders become successful over the last 10+ years of active futures trading and has a strong following of traders who like to seek out opportunities in the futures markets on a daily basis versus following the old “buy & hold” investing adage. While not being opposed to switching hats and becoming an “investor” every so often with swing trades in the equities markets, Murali prefers to trade what he can see on charts using multiple timeframes and handcrafted indicators suited for all types of markets. Murali excels in trading sideways and choppy markets with a scalping style of being in-out of intraday markets when there is no defined trend, and on most other days prefers trading to his own computed target levels during the intraday timeframe, while following the trend.

In recent months, Murali has started a Twitter based alert service for intraday futures traders who like to trade commodities and index futures, and elected to blog post his daily analysis in commodities like WTI Crude & Gold and index future instruments like YM, NQ, ES & RTY. You may contact him via his email at info@tradeguidance.com

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