Gold Starts Weak, but the Uptrend Looks Strong | RJO Futures

February 15, 2017 3:45PM CST

In the early morning trade, April gold was very weak and looking like it was going to sell off down to $1,200.0 an ounce. However, gold has been in a very strong uptrend over the last two months and the gold bulls bought aggressively, and gold ended up $8 for the session. Furthermore, this morning’s CPI numbers reported stronger inflationary numbers than originally expected, which brought more gold bulls into the market. Any signs of inflation will continue to provide support for gold.

If you take a look at the daily gold chart, you’ll clearly see that it bounced off the 20-day moving average this morning, which showed strong support. If the gold market can break above $1,237.0 an ounce, then look for a rally up to its 200-day moving average that currently reads $1,272.7. All technical levels are below on our RJO Pro daily April gold chart. 


Gold Daily Chart

RJO Futures | 222 South Riverside Plaza, Suite 1200 | Chicago, Illinois 60606 | United States
800.441.1616 | 312.373.5478

This material has been prepared by a sales or trading employee or agent of RJO Futures and is, or is in the nature of, a solicitation. This material is not a research report prepared by RJO Futures Research Department. By accepting this communication, you agree that you are an experienced user of the futures markets, capable of making independent trading decisions, and agree that you are not, and will not, rely solely on this communication in making trading decisions.