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Gc1!long

Gold Futures GC1! Long IdeaHi again guys ! Today Im expressing my trading idea to go long to GC1! . The idea is based on price levels above 1230$ that gold holds , also it is a good bounce to the median band of Bollinger . I set a price target at 1274$ , this price is immediate aprochable in the next weeks. The geopolitical risks ahead and the slowing earnings from U.S behemoth companies also helps gold go further up . Beside that ADX that i use shows a trend change in the next month and RSI is above the level of 40 which is a good sign to take the whole swing of this safe haven investment !
COMEX:GC1!Long
by OmenFinance
Gold Nearing $1,300 – What’s Next?Gold is up 9 percent YTD. Gold is on a tear since I warned that negative price action was waning on January 6 (here). Gold has been able to overtake the $1,240 per toz. hump and chug along on global growth concerns. The IMF, just among the bunch, lowered the outlook for growth prospects; and the second largest economy – China – is pulling back, down to the slowest pace of growth since 1990. Gold remains a safe haven. Traders are shocked the yellow metal has been able to rally like it has. They often point to technicals or the US dollar, but there is one thing that trumps all of that – trader pyschology. There is a psychological connection to gold. It’s what the financial savvy want during times of uncertainty and what traders want to hedge their risk exposure. Gold is “overbought” on the daily chart, but the weekly chart still offers room to move with the weekly RSI only at 60. The daily chart is, too, supporting further moves following a slight pullback. Price action since the beginning of the year has been able to break each key resistance level. Once it has closed above resistance, traders have testing the former resistance, now support, and gold has been able to bounce higher. $1,273 had been tested several times yesterday before moving through $1,290. I expect a test of minor support at $1,280, while $1,295 will be the next resistance hurdle. If gold can close above $1,295 and handles the $1,300 psychological resistance, look for the “premier currency” to trade to $1,315 per toz. However, gold will likely see $1,280 (potentially revisit $1,273) on profit taking. Gold is likely front running the potential for quantitative easing from the European Central Bank (ECB), but analysts are suspect when it comes to the size and structure of stimulus. The decision will be announced in two days by the ECB. My call on Newmont Mining (NEM) has also produced gains of 13 percent (currently). bullion.directory
COMEX:GC1!Long
by CommoditiesTrader
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