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Gold Tumbles, Dollar Gains: Tuesday's Market Forecast

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Is it Groundhog's Day? Wake up, check prices, Gold ($GCG8) losses. Repeat. This is one of the most prevailing trends in markets right now. Prices have come down more than $120 since the September yearly highs were reached. Now, the next level of support on the charts is $1,210 - the March lows for the February 2018 contract. If Gold can't find any support in the near term, additional declines of $30 seem inevitable.

With that pressure on Gold, the Euro ($6EZ7) is also seeing 0.4% declines - pushing below 1.1750. There seems to be a lot of support on the chart between this level and 1.1700. It would be surprising to see a strong move lower ahead of tomorrow's FOMC meeting. The central bank is expected to raise interest rates 0.25%. While that may seem bullish for the USD, the FOMC has raised interest rates numerous times this year - all the while the USD has lost 15 cents against the Euro. 

Running down these markets, as well as Crude Oil ($CLF8) and the Emini S&P 500 ($ESH8), is our Senior Performance Coach John Hoagland. 

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Posted by TopstepTrader on December 12, 2017
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