Gold Reversal Creates Ellipse Buy Signal (Trading Update – May 27)

Guy Cerundolo
june gold futures reversal higher 50 day moving average bullish higher may 18 chart image

Gold Futures Trading Chart with Bullish Ellipse

Our recent trading long in Gold futures was stopped out but second chances are nice.

And we have one here.

The recent price reversal created an ellipse buy signal and has us long Gold futures again.

Note that the buy signal came on a bounce off the 50 day moving average. That is where we would place a stop (1683ish).

A move above 1708 would further embolden the move higher.

The author may have 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.