Given that it is a holiday weekend with shortened trading hours for gold today, after being closed for Thanksgiving yesterday, the precious yellow metal witnessed a respectable gain on the day. As of 3:20 PM EST gold futures are currently at $1470.40, which is a net gain of $9.60 on the day.

Three key elements continue to put pressure on gold. First and foremost is the fact that U.S. equities continue to rally and go to new all-time record highs. Second is an optimistic overtone that a U.S. China trade deal may be forthcoming. Lastly the U.S. dollar continues to gain strength.

Gold futures recovered after trading to a low last night of $1449.60. As of 4 PM EST the most active December contract is currently fixed at $1462.10, putting it up $5.20 on the day. Silver is also trading higher on the day, currently up 1.12%, which is a net gain of $0.18, and is currently fixed at $17.07.

A combination of U.S. equity strength and optimism about the current negotiations between the United States and China have resulted in selling pressure in gold. Gold futures are currently trading at $1455 per ounce, a net decline of $8.60 on the day. Gold traded to a low of $1453.90, and a high of $1462. Volume was lighter than usual as traders get ready for Thanksgiving.

On September 4TH, 2019 gold hit its highest value for the calendar year. From the beginning of May up until the beginning of September gold gained approximately $295 as it moved from $1270 per ounce to $1565 per ounce. It took only four months for gold to gain 5.3% in value.

After hitting $1565 earlier this year, the precious yellow metal has been in a defined and multi-month correction. Last week our technical studies conveyed a decent probability that we could be at or near the conclusion of the correction. Given that the last major rally took gold pricing approximately $400 higher before settling at $1565 per ounce a sizable correction could easily be seen.

Gold Futures traded to a higher high, and a higher low than yesterday, the same is true when compared to Monday that being said price advances over the last three trading days have been nominal at best. With a net gain of only five dollars since Monday.

Gold Futures traded to a higher high, and a higher low than yesterday’s price range. The most active December contract also closed fractionally higher on the day. As of 4 PM EST gold is currently up one dollar at $1472.90. This is an extremely fractional gain of .05%. However, the fractional gains seen in gold pricing today also had to overcome fractional dollar strength. Currently the U.S.

The entire precious metal complex experienced a moderate gain today. Gold as of 3:30 PM EST is currently trading at $1471.50, which is a net gain of three dollars on the day. The moderate gains in gold pricing can be directly attributed to two primary factors. First is dollar weakness, the dollar index currently down .23%, and fixed at 97.645.

On Monday, November 11^th, we first spoke about two different technical indicators used to mathematically quantify market sentiment.