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$1,267 Major Level Of Support In Gold

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Gold Futures---Gold futures in the June contract settled last Friday in New York at 1,275 an ounce while currently trading at 1,283 up about $8 for the trading week bouncing off of major support which stands at the 1,267 level.

At the present time I'm sitting on the sidelines as my only recommendation in the precious metals is a short copper play as gold prices look interesting and I think if the 1,267 level is broken a bear market will develop so that is the key price level to keep an eye on.

Gold prices are still trading below their 20 and 100 day moving average as the trend is to the downside and if you take a look at the daily chart the downtrend line still remains intact as the bullish trend would not develop until prices break the 1,304 level in my opinion so play this to the downside.

Silver prices continue their bearish trend as that is also putting pressure on gold, but one of the main influences on gold is the fact that the U.S dollar hit a 2 year high in yesterday's trade and that looks to move even higher in my opinion.

The chart structure in gold will start to improve in next weeks trade therefor the risk/reward will become in your favor as I do think there are a lot of sell stops at the 1,267 level.




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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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