Gold Futures—Gold futures in the April contract is higher by $28 at 1,648 an ounce or 1.71% after settling last Friday in New York at 1,586 up about $63 for the week higher for the 7th consecutive session while also hitting a 7-year high.
At the current time I’m not involved, however if you have been reading my previous blogs I am bullish gold as I think we will crack the 1,700 level possibly in next weeks trade as there is too much uncertainty about the Coronavirus at the current time.
Presently I have bullish recommendations in platinum and silver as the whole sector looks to move higher in my opinion. If you are long a futures contract I would continue to place the stop loss at major support standing at 1,550 as this trend is real and very strong to the upside as I see absolutely no reason to be short gold.
Fundamentally speaking concern that the coronavirus is spreading outside of China undercut stock prices and boosted the safe-haven demand for precious metals coupled with the fact on lower Chinese interest rates in the wake of the recent move by the People’s Bank of China (PBOC) to cut rates by -10 bp on various bank loans and repo operations.
CHART STRUCTURE: POOR
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