RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

In the early morning trade, June gold is up slightly and currently trading at $1,266.7. After gold held up earlier in the week and showed resilience, gold bulls have to be encouraged. In fact, the June gold market has only fallen 2.8% from its high it made 8 days ago. Also, gold probably found some new safe haven buyers as a US government shutdown due to budget deadlines returned to the headlines and now with this morning’s lower Q1 GDP numbers than originally estimated.

If you take a moment and look at the daily June gold chart, you’ll clearly see that gold is still in a shorter-term up trend or channel with it holding above its 200-day MA. If we keep things simple, a break above this week’s high 0f $1280.0 would leave gold prone to rally up to $1,300.0 to $1,325.0. If gold breaks below this week’s low of $1,260.7, then look for a possible sell off to $1,225.0 an ounce. Below is a daily June gold chart. 

Jun ’17 Gold Daily Chart

Jun '17 Gold 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.