RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

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

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Nicholas DeGeorge

Senior Market Strategist
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.
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