Gold futures have been sliding alongside global stock markets.
This highlights how this past week has acted more like a sell everything panic.
After slipping through our MFU-3 price support, Gold futures quickly hit our MFU-4 price support target (1452).
Traders are stepping up here and attempting to support Gold for a trade. We have taken a small position with a stop.
The key to any short-term trade in gold is that we look for higher lows.
Gold bulls would like to see Gold futures consolidate and hold above its 200 day moving average.
Gold Futures Trading Chart
The author and or his firm has a position in mentioned securities (Gold Futures) 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.