Gold Next Stop 1350? - RJO Futures Weekly Gold Outlook
Weekly Gold Focus - Gold futures will continue to keep an eye on the weakening Dollar Index that isstarting off 2018 at a 3-month low despite three more interest rate hikesexpected throughout the year. Rising Geopolitical risks with North Korea andIran 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 schedulethis week are Wednesday’s ISM manufacturing data expected at 58.2 and Friday’sDecember Payroll report expected at +188,000. Congress comes back into sessionon Wednesday and they have until Jan. 19 to come up with a new budget in orderto prevent a government shutdown.
Important GlobalEvents for the Week
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Daily Chart Analysisand Price Outlook
The charts above are from provided by RJOFutures PRO, an exclusive and sophisticated online trading platform with integratedtools to seamlessly trade and monitor the markets.
Analysis and Outlook
The daily gold chart shows momentum indicators MACD and slowstochastics are rising into overbought territory confirming the bullish trend. ADX,which measures strength of the trend, has strengthened significantly to 32.14showing 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 takenif we see a two day close below $1300 where a washout could occur down to $1260.
By Phillip StreibleContributing tokitco.com
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pstreible@rjofutures.comwww.rjofutures.com 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.