Gold Continues Bullish Trend

Gold Continues Bullish Trend

Gold Futures— Gold futures in the August contract settled last Friday in New York at 1,780 while currently trading at 1,788 an ounce in a holiday shortened trading week continuing it’s bullish momentum as prices did crack the critical 1,800 level earlier in the week.

At the current time I am not involved as my only precious metal recommendation is a bullish silver trade, however I do have a bullish bias as I do think gold prices will crack the 2,000 level and if you are long a futures contract I would place the stop-loss at the 10-day low standing at 1,753 as an exit strategy as the chart structure is outstanding at the current time.

Gold prices are trading above their 20 & 100 day moving average as the trend remains to the upside as prices still finished about $9 higher today despite the fact that the jobs number came out adding 4.8 million jobs which is remarkable in my opinion as that is generally a bearish fundamental factor, but there is a lot of demand for gold at the present time.

The Federal Reserve continues to promise that they will add more liquidity to the system with another possible 1 or 2 trillion-dollar stimulus package on the way as that should continue to push gold higher so stay long as I see no reason to be short.

TREND:HIGHER

CHART STRUCTURE: EXCELLENT

VOLATILITY: HIGH

 

 

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