Gold Futures—Gold futures in the June contract is currently trading at 1,295 an ounce unchanged for the trading week as the trend remains sideways at the present time.
If you are long a futures contract I would place the stop loss under major support which now stands at 1,284 as an exit strategy as I still have a bullish bias towards gold, but the risk / reward is not in your favor to take a position at this time.
Gold prices are trading slightly under their 20 and 100 day moving average as the trend is lower to mixed as prices really have gone nowhere over the last 3 months. Volatility remains average at the present time as prices topped out last month slightly above the 1,350 level as I still think longer-term gold prices look attractive, however all the interest remains in the U.S equity market which is hovering right near all time highs once again.
For the bullish momentum to continue prices have to break the March 25th high of 1,330 in my opinion so be patient and let’s see what next week’s trade brings as I do believe bullish trends across the board will start to develop soon.
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