Gold Futures—Gold futures in the August contract settled down $12 an ounce at 1,808 in a highly volatile trading session as silver and platinum were also lower in today’s trade. In my opinion I think today was just profit taking breaking a 4 day winning streak, but I still do believe gold has significant room to run even though I am not involved, however I do have bullish recommendations in platinum and silver.
The U.S dollar was slightly higher in today’s trade putting a little pressure on prices as we look forward to tomorrow’s trade as that should experience incredibly high volatility, but for the bullish momentum to continue prices have to crack yesterday’s high of 1,809 in my opinion.
Gold prices are still trading far above their 20 and 100 day moving average as the trend remains to the upside and if you take a look at the daily chart the uptrend line remains intact. If you are long a futures contract continue to place the stop loss under the 2 week low standing at 1,754, however in Monday’s trade that would be raised to 1,766 as the monetary risk will be reduced tremendously as a top has not been formed in my opinion.
CHART STRUCTURE: IMPROVING
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