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.
CHART STRUCTURE: EXCELLENT
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