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Gold Futures - Jun 24 (GCM4)

Real-time capital.com
Currency in USD
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2,330.40
-8.00(-0.34%)
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Gold Futures Discussions

After the last Flash dated 16 Jan and a comment on 17 Jan, Gold moved higher as projected to break above 1210 after hitting 1195 levels. It is attempting to break 1218, the 38.2% retracement for the down move from 1375 to 1121. It hit a high of 1220 and is currently at 1217 levels. Traders who are still long Gold at the suggested prices, well done! More profits are on the way! (The long position in Gold at 1172 is still intact.) Technically, the reclamation of the 50% retracement at 1210.50 for the range 1046 to 1375 is a bullish signal and Gold is poised to resume its uptrend! Immediate resistance at 1218 is likely to be cleared for the next level at 1222, the 40 months SMA. A break above 1222 and with the “Golden Cross” in the monthly chart (see above) remaining intact, Gold is poised to test 1241 followed by 1266 levels as mentioned earlier. The longer term indicators are also supportive of a further up move as it has yet to reach overbought state. In the longer term. Gold is also in a bottoming out process following the correction from 1921 to 1046. A major bullish trend reversal Inverse Head n Shoulder pattern is in formation. Upon confirmation by a break above the resistance line (blue, see monthly chart), Gold may test the 1523 levels in the longer term. Traders may continue to hold long Gold positions bought at 1170-75 and 1196-1201 levels. The trailing stop will be raised to below 1209. Aggressive traders keen on this rebound trade may average buy Gold on a break above 1222 levels on a monthly close.
It would be great if you published your charts Peter Zee
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