Gold futures prices reached up over $1700 last night in trading as the broader financial markets panicked.
That rally represented a nice area to take profits or even short into into (for nimble near-term traders).
As you can see in the chart below, gold touched up near overhead price channel resistance.
At the same time, it reached an MFU-4 upside price target at $1701.
And if you need additional evidence, this is occurring with a momentum divergence.
Traders are likely to take profits here (and sell rallies). We will provide an update on potential downside in the days ahead.
Gold Futures Chart
The author may hold a short position in mentioned securities (Gold futures) 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.
