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Will Gold Prices Crack $1,300 ?

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Gold Futures---Gold futures in the February contract is currently trading at 1,290 an ounce after settling last Friday in New York at 1,285 up about $5 for the trading week still unable to crack the critical 1,300 level on a closing basis.

Gold prices are trading above their 20 and 100 day moving average as the trend still remains to the upside as I've been recommending a bullish position from around the 1,252 level and if you took that trade place the stop loss under the 10 day low which now stands at 1,276 as the chart structure is outstanding at the present time due to the low volatility.

The U.S dollar hit a 2 month low in this week's trade as that has been supportive gold prices, but for the bullish momentum to continue we have to break the January 4th high of 1,300 and then I think prices could run up to the 1,350 level as there is still strong demand for this commodity at the current time.

The Federal Reserve looks like it will take a pause on raising interest rates as that is also a bullish fundamental factor towards gold as I'm also recommending bullish positions in silver and platinum so stay long and continue to place the proper stop loss.




If you are looking to contact Michael Seery (CTACOMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or

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About the author

Michael is the sole owner of SEERYFUTURES.COM which is a commodity futures and options consulting, advisory, and educational firm.

Michael frequently appears on multiple business networks including Bloomberg News, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He also writes market commentary for several commodity websites and is interviewed for commodity comments by the Wall Street Journal. He is also a guest on First Business, which is a national and internationally syndicated business show.
Michael started his career in 1990 at the Chicago Board of Trade as a runner. He soon worked his way up to becoming a Series 3 broker. He works with seasoned traders as well as novice beginners educating them on trading the futures markets as well as using simple and complex option strategies. Michael covers all markets including grains, metals, energies, and all other futures markets that are traded.
To Michael the biggest lesson any trader needs to learn is risk management. Michael believes this is the most important factor in trading. He also works with traders to help them determine the proper risk for their trading style. Michael has spent a lot of time educating his clients to help them understand trading strategies and trading techniques while enjoying spending quality time with customers going over the markets or just talking general trading philosophies.

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