RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

In the early morning trade, gold has extended on its rally which started last week at $1,555 and is currently trading at $1,579, which is up 1.5% in a week. Obviously, the coronavirus is the driving force of the recent gold rally while it provides fear and concern in the metals and interest rate sectors, which has caused buying from investors/traders alike. Also, the shiny one has expectations that China will eventually release a massive stimulus package after the virus subdues. Furthermore, ETFs saw a 17th straight day of inflow.

If you take a look at the April gold chart, you’ll clearly see that the gold bulls have taken over on Christmas Eve and have been in control ever since. It is in a strong bull trend and looks like it wants to retest the contract high of $1619.6 which was made back on January 8th. I have highlighted these levels below on my RJO Pro daily April gold candle stick chart. 

Gold Apr ’20 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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