Gold Prices Hit 8 Year High

Gold Prices Hit 8 Year High
Gold Prices Hit 8 Year High

Gold Futures—Gold futures in the August contract hit an 8 year high this Tuesday afternoon in New York reversing earlier losses while then finishing right at session highs currently up $16 an ounce at 1,809 looking to move higher in tomorrow’s session in my opinion.

If you’ve been following my previous blogs you understand that I have been bullish for quite some time as I do think the 2,000 will be cracked as I am also bullish silver and platinum and if you are long futures contract I would place the stop loss under the 10-day low standing at 1,754 as an exit strategy as I see no reason to be short. At the present time gold and the Nasdaq-100 are experiencing the strongest trends to the upside as strong demand continues to propel prices higher.

The U.S dollar is slightly higher in today’s trade, however prices are near 6 month lows as fundamentally speaking that is a bullish fundamental factor towards gold coupled with the fact that the Federal Reserve’s stimulus packages are worth trillions and trillions of dollars as that will help propel gold higher so stay long as there is still significant room to run in my opinion. 

TREND:HIGHER

CHART STRUCTURE: SOLID

VOLATILITY: HIGH

 

 

If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com 

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 Email: mseery@seeryfutures.com

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