RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Beginning with last Friday’s rejection of a dip just below $1,700, the gold market has had a positive week. But the gold bulls are not out of the woods yet. The overall trend is still sideways to down. A couple keys levels that still need to be penetrated are a close above $1,760 and then there is significant resistance in the range of $1,785 to $1,800. Above $1,800 there isn’t much in terms of resistance until $1,850. I firmly believe that gold will be much higher by year end, but I must caution you that it’s still possible to retest $1,675 swing low. You could see that the buyers were very aggressive off that $1,675 level and then again on last Friday’s dip to $1,696. Perhaps a little consolidation just under $1,750 is in order before moving higher but I am encouraged by the way gold has performed since putting in that low.

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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