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

Posted 02/15/2017 3:45PM CT | Nicholas DeGeorge

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

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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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