On Friday gold for delivery in December traded within the range of $1,051.10-$1,074.20. Futures closed at $1,056.20, plummeting 1.36% on a daily basis, or the most since November 17th, when the yellow metal fell 1.38%. The daily low has been the lowest price level since February 5th 2010, when the commodity went down as low as $1,045.20. In weekly terms, gold lost 1.88% of its value during the past week, which has also been the sixth consecutive week of decline. The precious metal has depreciated 7.49% so far in the current month.
On the Comex division of the New York Mercantile Exchange, gold futures for delivery in December were losing 0.03% on Monday to trade at $1,055.90 per troy ounce. The precious metal went down as low as $1,052.20 earlier today, undershooting the daily S2 level.
Gold has marked a solid depreciation in November amid rising expectations of a possible rate hike by the Federal Reserve Bank at its policy meeting on December 15th-16th. The current week is quite saturated with key macroeconomic reports and other events, which usually tend to introduce moderate-to-high volatility in the global markets.
On Monday market players expect the release of the official reading of the Chicago manufacturing activity barometer in regard to November and the performance of the US pending home sales index for October.
On Tuesday the Institute for Supply Management (ISM) is to announce the results from its survey on manufacturing sector conditions in November, while Markit will release the final reading of their manufacturing gauge regarding the same month.
On Wednesday the ADP will report on the change in employment in the United States during November, which will be followed by statements by a number of Federal Reserve officials, including the Chair Janet Yellen.
On Thursday markets will be watching the reports on factory orders, initial jobless claims and services sector activity in the United States, which will provide additional clues over the state of economy.
On Friday the Labor Department is to release the keenly anticipated data on employment in all US sectors of the economy with the exception of the farming industry for November, which will be accompanied by trading data regarding November.
Continuing strength of the US dollar will certainly be a bearish factor for gold.
Daily and Weekly Pivot Levels
By employing the Camarilla calculation method, the daily pivot levels for gold are presented as follows:
R1 – $1,058.32
R2 – $1,060.44
R3 (range resistance) – $1,062.55
R4 (range breakout) – $1,068.91
S1 – $1,054.08
S2 – $1,051.97
S3 (range support) – $1,049.85
S4 (range breakout) – $1,043.50
By using the traditional method of calculation, the weekly pivot levels for gold are presented as follows:
Central Pivot Point – $1,062.23
R1 – $1,073.37
R2 – $1,090.53
R3 – $1,101.67
S1 – $1,045.07
S2 – $1,033.93
S3 – $1,016.77
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