RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

In the early morning trade, June gold is trading in the green slightly and currently trading at $1,752 a troy ounce. Gold is going to have to face a little adversity over the next couple of trading days with the U.S. dollar making fresh new weekly highs overnight and with the world’s largest import country of gold on nation-wide lockdown with their second largest buying day of the year coming up this Sunday and will surely impact physical demand. However, the House just passed the $484B stimulus package for small businesses and if they start talking about another stimulus, which they very well could after the next non-farm monthly payroll number is released, then this should cause the shiny one to forge new highs and possibly even makes it way to the $2,000 an ounce handle.

If we take a look at the daily June gold chart, you’ll clearly see the gold bulls came in and bought gold off the $1,660s support level on is now back above $1,700 trading in a bullish trend clearly giving them back the advantage.

Gold Jun ’20 Daily Chart

Nicholas DeGeorge

Nicholas DeGeorge began his financial career in the mortgage/ banking industry. After a successful seven year career, he had an opportunity of a lifetime to trade for one of the larger proprietary day trading firms at the Chicago Board of Trade. While there, he specialized in trading energy (mostly crude oil), metals and e-mini S&P 500. After two years of being a proprietary trader, Nicholas became a Senior Commodities Broker at MF Global and worked for the top commodity trading adviser at the firm. While he was there, he learned a great deal about position trading and was exposed to other markets like grains and soft commodities. Nicholas attended Eastern Illinois University.