Gold Is Trading Bullish, But Wait for a Pullback

Guy Cerundolo

Gold Futures “weekly” Chart

Gold futures have been trading bullish of late.

And the latest dovish commentary from the Federal Reserve lit a fire under the price of Gold (NYSEARCA: GLD).

Gold prices should continue higher, however, a pullback is on the horizon.

The 1400 to 1420 area is our near-term target zone (and strong resistance). Look for a pullback from that price area.

A pullback will provide a better entry for those looking to ride Gold for a trade. The next move higher could target $1482, our MFU-4 (Money Flow Units) price target. Stay focused and always use a stop!

The author has positions 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.

NOT INVESTMENT ADVICE – PLEASE READ INVESTMENT DISCLAIMER.