Gold Futures––Gold futures in the August contract settled last Friday in New York at 1,311 an ounce while currently trading at 1,347 up over $35 for the trading week looking to retest the contract high that was hit on February 20th at 1,361 in my opinion.
Currently I’m not involved in gold, but I do believe higher prices are ahead as the 10 year note is currently yielding 2.05% which is a 21-month low as that is a bullish fundamental factor for gold and commodity prices in general as prices held major support around the 1,275 level & now look to move higher.
Gold prices are right at a 3 1/2 month high and if the contract high is broken you’re looking at a possibility that prices will trade into the $1,400 range as strong demand continues to push prices higher.
The U.S dollar has hit a 4 week low this week and that also is a bullish towards gold prices as it doesn’t look like the trade war with China is going to end anytime soon as money flows continue to go into the markets that are known as a flight to quality which includes gold and the bond market as I see no reason to be short gold at this time as I will be looking at buying on a price dip.
CHART STRUCTURE: POOR
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
Skype Address: 5da1f85979b7117b
FREE TRIAL FOR THE LIMIT UP COMMODITY NEWSLETTER
If you’re looking to open a Trading Account click on this link www.admis.com
There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.