Gold Futures—One of the craziest days I have ever witnessed as gold futures last night rallied nearly $40 an ounce trading as high as 1,613 an ounce while currently trading at 1,574 unchanged for the trading session as Iran sent multiple missiles to a U.S base in Iraq sending sheer panic across the board.
The S&P 500 was down nearly 50 points and now is trading higher as everything has reversed as I’m currently sitting on the sidelines as I exited my gold position on Sunday night around the 1,580 level as I think a possible short-term top may have developed.
Gold prices hit a 7 year high trading far above their 20 and 100 day moving average as I’m certainly not recommending any type of bearish position as I still think the situation with Iran is way overblown as I will be patient as I still think the 1,550 level could be at hand soon. At the current time I do have bullish silver & platinum recommendations as I think the whole sector moves higher, however I think gold is in overbought territory so be patient.
CHART STRUCTURE: POOR
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