In the early morning trade, June gold has bounced up nicely from its 200-day moving average and is currently trading at $1,277 an ounce. Furthermore, it looks like gold might have found more support from news that India might consider a reduction on their import duty on gold from 10% to 4% along with the World Gold Council news of rising global gold demand. However, gold might have a challenging time maintain momentum with the strong uptrend is the US dollars and it looks like major capital is flowing into equities.

If we take a quick look at the daily June gold chart, you’ll see back on March 1st that gold broke through its long-term bullish trend and has yet to regain any type of steam or get back to a bullish trend. It looks like overnight the shiny one got a nice pop off its 220-day moving average and really need to get back and close above $1,300 an ounce. I have highlighted these levels below on my RJO Pro daily June gold chart.

Gold Jun ’19 Daily Chart

Gold Jun '19 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.