Gold Futures---Gold futures in the February contract is currently trading at 1,290 an ounce after settling last Friday in New York at 1,285 up about $5 for the trading week still unable to crack the critical 1,300 level on a closing basis.
Gold prices are trading above their 20 and 100 day moving average as the trend still remains to the upside as I've been recommending a bullish position from around the 1,252 level and if you took that trade place the stop loss under the 10 day low which now stands at 1,276 as the chart structure is outstanding at the present time due to the low volatility.
The U.S dollar hit a 2 month low in this week's trade as that has been supportive gold prices, but for the bullish momentum to continue we have to break the January 4th high of 1,300 and then I think prices could run up to the 1,350 level as there is still strong demand for this commodity at the current time.
The Federal Reserve looks like it will take a pause on raising interest rates as that is also a bullish fundamental factor towards gold as I'm also recommending bullish positions in silver and platinum so stay long and continue to place the proper stop loss.
CHART STRUCTURE: EXCELLENT
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