Gold Prices Hit A 2 Month Low

07 Jul in Blog, commodity trading, copper futures, futures trading, gold futures, Mike Seery, palladium futures, platinum futures, seeryfutures, silver futures

Gold Futures--- Gold futures in the August contract hit a 2 month low currently trading at 1,215 an ounce after settling last Friday in New York at 1,242 down over $25 for the trading week continuing its bearish trend breaking the May 9th low of 1,217 as it looks to me that prices as I've stated in previous blogs prices are headed towards the 1,200 level.

The monthly employment number came out today stating that we added 220,000 new jobs sending the stock market higher once again as money flows continue to come out of the precious metals & into the equity market as I think this trend will continue with the possibility that we will retest the January 5th low around 1,189 as this market is getting stronger to the downside on a weekly basis.

Gold prices are trading under their 20 and 100 day moving average telling you that the short-term trend is lower as silver and platinum prices continue to move lower as well as the trend is your friend in the commodity markets and if you are short stay short & place the proper stop loss as I see no reason to own gold at the current time.

The U.S dollar is near a 10 month low coupled with major problems with North Korea, however that is still not able to support gold as that tells you how weak this market actually has become.TREND: --LOWER –CHART STRUCTURE: POOR

 

 

 

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