Gold thoughts

The strongest asset class going these days is GOLD.  Futures trade as /GC, and we’re coming very close to the June highs again at 1,266.50.  If we close above 1,266.50, the near-term target will be 1,300 as seen in the chart (RED line).

Crazy thing is this may just be the beginning of a bigger picture runaway move.  A lot depends on the US dollar (which I expect to head far south of 80).

Miners (GDX and HUI) have a chance of even outperforming GOLD in this move as retail investors and hedge funds try to play catch up to others during the run.

Keep an eye on the relationship between the US Dollar and metals in the months to come.

Daily GOLD with monthly pivots...1,266.50 is the line in the sand


About thefront9

Independent trader with a flexible approach to the markets. Position trading, swing trading and day trading using Futures, Equities and Options. This site is intended to help others (and myself) see what I see and to stay true to the discipline of making trades at the extremes. Contrarian and TastyTrade addict! Living in Texas with my family, helping others and maybe playing some golf from time to time makes life busy and great. Add a little music and humor and that just about sums it up. Trade the extremes and manage risk.....always!
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