Gold Futures Record Ellipse Buy Signal, $1860 Important

Recent selling in gold futures has been strong and swift. However, the price of gold is trying to reverse higher yet again.

I remain bullish on gold with a stop at $1805.

Any move back above $1860 would be bullish and likely confirm another trading leg higher.

I continue to see $1992 as a logical upside target, should price follow through higher. $1992 is our MFU-2 target (money flow unit). A weak dollar and ongoing geo-political concerns are keeping gold on the radar and may fuel another run higher.

gold futures trading price reversal higher targets 1992 chart january

The author 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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