RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Gold futures continue to consolidate, but for how long? Clearly, we begin today with risk off. We are still facing significant risk of additional global economic slowdown. All physical commodities start the day trading lower. Gold is not, at least currently, catching any safe-haven support. For now, gold is trading against a Dollar bounce.

While I remain long term bullish on gold, I am beginning to see signs on the chart that would indicate a tendency to move closer to $1,800 and possibly test $1,775. Look for support in the $1,830 range to continue to hold. If that area fails to find support, then expect a test of $1,800 to $1,775 range. Watch for the 50 DMA to cross below the 200 DMA. “The Death Cross.” That will be a strong sell signal!

Gold Apr ’21 Daily Chart
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Frank J. Cholly

Senior Market Strategist
Frank is a swap registered trader who brings his clients more than twenty-six years of commodity futures experience. He was a member at the Chicago Board of Trade for 10 years where he filled orders in the grain and financial pits. Frank was also a Lind-Waldock's floor manager for ten years and later joined on as a commodities broker.
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