Gold Futures Trading Update (August 21): Watch Support!

The Gold rally has been fast and furious.

Throughout the way, I have issued several trading “buy” signals, and a few short-term “sell” signals.

Yet all along, we have had a broader bullish view.

Currently, the shiny precious metal pulled back over 5 percent from its highs. And its reversal higher stalled out this week (creating a secondary high, for now).

Bulls want to see this week’s high taken out, while bears want another push lower that breaks support.

From a trading perspective, Gold is in no-man’s land and how each trader manages his/her trade will depend on entry point and position size.

More importantly, Gold bulls want to see the 1875-1895 support band hold… otherwise Gold could flush down to the next price support.

gold futures trading decline caution pullback indicators image august 21

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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