Gold has been in a strong “trend” trade that needs to be respected (until the trend is broken).
I have been monitoring the recent pullback in Gold prices for a buying opportunity (or an ellipse reversal – buy signal).
That occurred this week in Gold futures. And is offering trend “traders” a decent risk / reward opportunity trade.
See the chart below for the ellipse buy signal and other annotations.
I think one can add to position here in anticipation of another leg higher (with a stop).
Follow-through buying could take Gold futures up to $1640.
Gold Futures “daily” Chart
The author may hold positions in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
