Chart Structure In Gold Is Excellent

Gold Futures---Gold futures in the December contract is currently trading lower by $1 at 1,220 an ounce in a very quiet trade still hovering right near the contract low which was touched on August 3rd at 1,212 as that still could be broken in tomorrow's trade as I still remain bearish.

The U.S dollar is up 43 points currently trading 95.32 hitting a 13 month high as that trend continues to grind higher on a monthly basis and looks to me that there's a possibility that it could touch the 100 level in the coming months ahead which is another bearish fundamental indicator towards gold and the precious metal sector as a whole.

If you are short a futures contract continue to place the stop loss at the 10 day high standing at 1,238 as the chart structure is outstanding at the current time due to the fact of the very low volatility as I still think we can crack the 1,200 level and then possibly head all the way down to the 1,150 level in the coming months ahead as I still see no reason to own gold.

The U.S stock market is higher once again today while continuing its bullish momentum as I think that trend will also continue for the rest of 2018 as that is taking all of the interest out of gold at the present time so if you are short stay short while placing the proper stop loss as I do think if we crack the 1,200 level the volatility will expand tremendously to the downside. If you take a look at the daily chart the downtrend line over the last 4 months remains intact so until that situation is broken the bearish trend will continue in my opinion.




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