Gold Chart of The Week for Monday December 2nd

Each Week our trading partners at INO.com/MarketClub will be providing us a chart of the week as analyzed by a member of their team. We hope that you enjoy and learn from this new feature.

Weekly Gold Report (December 2^nd through December 6^th)

We begin the final month of 2013 with a week full of important economic data. From every major market in the world, there are reports and interviews scheduled that collectively should provide some nice volatility over the next five trading days.

In the United States, we will hear from multiple FED Members throughout the week, including Bernanke, Fischer, and Evans. There are also scheduled releases of manufacturing, GDP, Consumer Confidence, and most importantly Unemployment figures from the Government and the Private Sector.


Economic Policy will be decided by the Central Banks in Australia, England and Europe. It should be interesting to see what we hear from the ECB this week. Last month Interest Rates were dropped by .25, but the decision did not seem to have the impact one would expect from such a move by the Central Bank.
I believe the most important Currency to follow these days is the Japanese Yen.

After years of being a “flight-to-safety” favorite amongst Currencies, the Yen has spent the better part of the year getting clobbered due to the BOJ’s firm stance on easing the Currency. We are fast approaching this Summers low print, and it should be interesting to see how it performs at this price in the final month of the year.

Gold Futures begin the week at the lower end of last week’s range and show very few signs of bargain hunter buying. I still believe that, in the absence of weakness in the equity markets, Gold stands virtually no chance of a recovery rally. If hedge funds grow tired of buying new high prints in equities this week, we may see a bounce in Gold but I think it will take a string of disappointments in the US and abroad to see such a scenario take place. I doubt this is the week for it.

Here's our GGC Gold Futures Daily Chart Work

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