Gold Prices Lower For Trading Week

24 Nov in Blog, commodity trading, copper futures, futures trading, gold futures, Mike Seery, palladium futures, platinum futures, seeryfutures, silver futures

Gold Futures--- Gold futures in the December contract settled last Friday in New York at 1,296 while currently trading at 1,287 down about $9 dollars for the trading week as I've recommended a bullish position from around the 1,292 level and if you took the trade place to stop loss under the 10 day low standing at 1,269 as the chart structure remains excellent at the present time.

The U.S dollar has dropped about 120 points over the last 2 trading sessions which has had very little influence on gold prices which is very surprising in my opinion as I'm also recommending bullish positions in silver and platinum as the same situation has occurred in those markets as well, but I will continue to place the proper stop loss as the chart structure will improve in 3 trading sessions therefore lowering the monetary risk to around the 1,275 level.

If you have read my previous blogs you understand that I am bullish the commodity markets as crude oil hit another contract high today and has been the leader over the last several weeks as I still think gold prices will crack the 1,300 level as this was a short holiday trading week with light volume as next week that situation will change.

I you are not involved I would still recommend this trade at today's price levels risking around $2,000 per large contract or $700 per mini contract plus slippage & commission.

 

TREND: HIGHER

 

CHART STRUCTURE: EXCELLENT

 

VOLATILITY---INCREASING

 

 

 

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