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Gold Futures Turning Friendly?

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December gold futures have turned slightly friendly despite last weeks false breakout above $1300. The market backed off following the stop run above $1300, but has stabilized above critical support at $1280. Technically the market flipped to intermediate term neutral/bullish with that close above $1300, however the bull camp ultimately needs to see a close above $1325 to breathe easy. From our perspective the biggest bull detractor is the stretched out Commitment of Traders report which we have been noting for weeks.

December Gold Futures - Daily

Chart from QST

The opportunity to establish fresh long positions is risk/reward friendly, while using a close below $1280 to exit. A close below this price point rekindles the bearish forces and re-opens the possibility for a major selling wave that the gold market has been hinting at over the last dy weeks. Getting down to $1280 appears to be the line in the sand and we believe traders will be keying off of this level, as well for the next move.

My many years of trading futures markets does make a difference. Feel free to email me if you have any questions at or would like to open an account. Go to our interactive New Account application at Open An Account. It is fast, saves on postage and its green.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The risk of loss in trading futures and options can be substantial. Past results are not indicative of future results or performance. The views and opinions expressed in this letter are those of the author and do not reflect the views of ADM Investor Services, Inc. or its staff. Research analyst does not currently maintain positions in the commodities specified within this report. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

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