Gold Futures—Gold futures in the June contract settled last Friday in New York at 1,276 ending the week on a positive note up $11 to close around 1,290 an ounce.
Gold prices hit a 4 month low earlier in the week only to rally the last 4 trading sessions as I think it’s just a kickback due to the oversold conditions as the downtrend line still remains intact. Gold prices are now trading under their 20 and 100 day moving average as the trend has turned south in the short term with the next major level of support around the 1,250 area as the U.S dollar hit a fresh yearly high this week as that has put pressure on the precious metals.
Low inflation in the United States continues to keep a lid on gold as prices really have gone nowhere over the last 6 months as the commodity markets in general are lacking trends and excitement at this time.
If you are bullish gold I would buy it at today’s price level while placing the stop loss under the most recent low which was hit on April 23rd at 1,267 as an exit strategy as the risk would be around $2,300 per contract plus slippage & commission, however like I’ve stated before I’m recommending clients to sit on the sidelines.
TREND: MIXED—LOWER
CHART STRUCTURE: SOLID
VOLATILITY: AVERAGE
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