Gold futures cleared the $2000 level and are trying to breakout once more. As long as $1990 holds, Gold could be ready for another move higher.
Below are “daily” and “weekly” charts.
Gold remains on a buy signal with an initial target at $2080, and perhaps higher if the “weekly” chart can definitely breakout.
Either way, price has been moving left to right for several weeks so we’ll follow the trend until it’s broken. Note that we are also bullish the Gold Miners (GDX). We have highlighted this trade several times, with the latest article being last month.
Gold Futures “daily” Chart
Gold Futures “weekly” Chart
Twitter: @GuyCerundolo
The author or his firm have a position in 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.
