Gold Futures Trading Chart
Precious metals have been consolidating this year’s gains for the past two months. But that consolidation pattern may be ready to resolve to the upside.
Gold futures are currently oversold and my trading oscillator is back to the zero line, which has proved bullish in the past. A reversal higher from here would be very bullish.
Important price resistance stands at $1920. A move over this area would be a buy signal for bulls and put our initial price target of $2005 in play.
I am using $1879 as a stop out area for “trading” longs.
The author has a position in the mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.