Gold Futures Buy Signal May Point To $1992

Our last buy signal on Gold futures was on January 11 when we had February gold turn up from an ellipse buy signal. 

Our bullish slant and long position remains very much in play and I would be adding to that position right here. Note Silver futures are also rallying higher.

Gold has a bullish setup, triggered by an ellipse buy signal. I particularly like gold longer-term but I am bullish near-term for a trade as well.

I have an initial price target of $1992 and a stop out (sell) at $1820.

Gold Futures Chart

gold futures breakout higher price targets february forecast chart image

The author has 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.

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