The price of gold futures has pulled back to its 200-day moving average. This area has provided recent support and may trigger a short-term rally in February gold futures.
Though it was briefly under-cut on the move below $1800, Gold quickly reversed higher and rallied.
With this in mind, Gold futures could be set for a rally back to the $1880 price area if it can hold $1817.
If it cannot hold support, then we could be in for selling back under $1800 in a retest of the lows. For now, I remain bullish with eyes on $1880.
The author may have a position 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.
