Weekly Gold Futures Recap for Friday February 21st
It’s time to check in with our trading partner Mike Seery for his take on where gold ended the week.
Gold futures in the April contract rallied about $25 this week to close right near session highs this Friday afternoon in New York up $10 an ounce at 1,326 an ounce developing outstanding chart structure as I am still recommending long positions in gold as I think higher prices are ahead so place your stop at the 10 day low of about 1,262 an ounce which is still quite a distance away but this chart looks very solid to me & that stop will be raised next week just like it will in silver. It’s amazing what a couple of months can do as in 2013 everybody was bearish gold including myself and now in 2014 the tide turned to the upside.
I’m recommending a long position because as a trader you must be able to flip-flop on your decisions because of the commodity markets can change very quickly so you must go with the trend and currently the trend is higher. Gold futures are trading above their 20 and 100 day moving average with a nice rounding bottom that occurred late December 2013 as the next major resistance is at 1,360 after that prices could retest 1,400 as it seems like investors are coming in on any weakness thinking that prices are still cheap even at these overbought levels.
Trend: Higher
Chart structure: Outstanding
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Source: http://goldetftrader.blogspot.com/2014/02/weekly-gold-futures-recap-for-friday.html
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