Where Are Gold Prices Headed ?

15 Sep 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 1,351 an ounce while currently trading at 1,328 down about $23 for the trading week trading negative for the 1st time in over a month as prices may have topped out in the short term last Friday at 1,362 as profit-taking has ensued pushing prices lower this week.

If you are long a futures contract the chart structure has turned outstanding as I would place my stop loss as an exit strategy below the 10 day low standing at 1,319 which is just about $10 away as prices are still trading above their 20 and 100 day moving average as the trend still remains higher in my opinion.

The U.S dollar traded sideways this week lending little support for gold prices as this story is all about North Korea and if or if they don't send a missle over the weekend sending prices higher or lower as there is still strong demand for physical gold at this time so continue to play this to the upside. Volatility in gold is relatively high as the higher price goes in a commodity the higher the volatility as well as you are seeing $10/$15 trading ranges on a daily basis so make sure you place the proper amount of contracts as I think the volatility will even increase throughout 2017.TREND: HIGHER –CHART STRUCTURE: EXCELLENT

 

 

 

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