Where Are Gold Prices Going ?

Where Are Gold Prices Going ?
Where Are Gold Prices Going ?

Gold Futures—Gold futures in the December contract is trading higher by $4 an ounce at 1,495 in a very quiet trade as we await this afternoons Federal Reserve decision on interest rates which certainly will dictate short term price action.

At the present time I am not involved in gold, however if you are bullish I would buy a futures contract while then placing the stop loss under the October 1st low of 1,465 as an exit strategy. If you are bearish I would sell a futures contract while then placing the stop loss above the October 25th high of 1,520 as an exit strategy.

Gold prices are trading below their 20 day, but still above their 100 day moving average as prices are mixed as we remain in a tight 4 week consolidation. At the present time I have bullish recommendations in silver and copper while I also think palladium prices will continue to move higher, however the U.S stock market hit all time highs this week as I think that could put pressure on prices as I think prices look to retest the 1,450 soon as the panic buying has subsided over the last month.

 TREND: MIXED

CHART STRUCTURE: SOLID

VOLATILITY: AVERAGE

 

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