Gold's short term up?
Gold futures is trading in a relatively thin range, the range shows a triangle pattern.
The move upwards from november 14 was the beginning of an uptrend, after the triangle pattern formation, we should see another break to the upper side. So, it makes sense to go long by placing a stop-loss or parachute under the support @ 1250, in order to limit the loss at around 1200 dollar per contract.
First goal 1307, then 1322 and 1348. I doubt, the market has enough power to reach 1392, but you never know...The appetite of the ETFs grew in the past weeks, and they will continue stockpiling gold positions. Don't forget: since 2013 the ETF liquidated nearly half of their gold positions.
The move upwards from november 14 was the beginning of an uptrend, after the triangle pattern formation, we should see another break to the upper side. So, it makes sense to go long by placing a stop-loss or parachute under the support @ 1250, in order to limit the loss at around 1200 dollar per contract.
First goal 1307, then 1322 and 1348. I doubt, the market has enough power to reach 1392, but you never know...The appetite of the ETFs grew in the past weeks, and they will continue stockpiling gold positions. Don't forget: since 2013 the ETF liquidated nearly half of their gold positions.
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