Gold Prices Remain In Bullish Trend

26 Feb in Blog, commodity consulting, commodity trading, copper futures, futures broker, gold futures, Michael Seery, options broker, palladium futures, platinum futures, Seery, silver futures

Gold Futures--- Gold futures in the April contract settled last Friday in New York at 1,231 an ounce while currently trading at 1,237 up slightly for the trading week in a highly volatile trading manner with large swings on a daily basis. Gold prices are trading above their 20 and 100 day moving average telling you that the short-term trend is to the upside as the trend line is still intact as I have been sitting on the sidelines in this market due to the fact that the risk/reward is not in your favor, however I’m certainly not recommending any type of bearish position as that would be a counter trend trade which does not work in the long run in my opinion. The U.S dollar was mixed this week lending very little influence on gold prices with the next major level of resistance at 1,255/1,264 and if that is broken prices could test $1,300 in the short-term.

The S&P 500 has rallied dramatically over the last 2 weeks cooling fears of a global recession, but gold prices have not sold off which is impressive in my opinion as there is still so much uncertainty around the world that investors still feel comfortable buying gold even at these levels.

At the current time my only recommendation in the precious metals is a bullish silver position as the risk/reward was much better than gold, but if you currently own a futures position in gold I would place my stop loss at the 10 day low which stands at 1,193 at the present time. TREND: HIGHER –CHART STRUCTURE: POOR

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