Gold Futures In Weak Position; $1700 Important

Gold has struggled to get anything more than a short-term rally off the recent MOB support band in the $1780 area.

We have price declining into another MOB target band which, if broken, will likely lead to another leg down.

In short, Gold bulls need to hold $1760 on a weekly basis or $1705 is coming soon.

Check out the chart below with my thoughts.

Gold Futures Price Chart

gold futures prices lower decline forecast outlook february 1720 chart image

The author or his firm may 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.

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