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Gold Futures— Gold futures in the August contract is trading lower by $20 an ounce or 1.08% at 1,781 reversing some of the sharp gains that we witnessed in yesterday’s trade blamed on profit taking coupled with the fact of a possible vaccine for the coronavirus being developed in the next couple of months.
At the current time I have a bullish silver recommendation, but I do believe gold prices are headed higher and if you are long a futures contact I would continue to place the stop-loss below the 10-day low at 1,728 as an exit strategy, however the chart structure will improve in next week’s trade therefor the monetary risk will be lowered.
Traders are awaiting tomorrow’s monthly unemployment number as we’re closed on Friday due to the 4th of July holiday as we certainly will experience a wild trading session tomorrow as I still think prices will break the $2,000 level as all of the Federal Reserve stimulus packages will start to make a major impact in the coming months ahead which is very bullish silver and gold.
Gold prices are trading far above their 20 and 100 day moving average as the trend remains to the upside, however for the bullish momentum to continue prices have to break yesterday’s high of 1,807 as the volatility certainly will continue to expand to the upside in my opinion as I see no reason to be short.
CHART STRUCTURE: SOLID
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