gold stocks to watch fomc fed funds rate

With gold unable to find direction, I suspect that a rising dollar and lack of geopolitical headlines are containing the price. The safe-haven trade is currently on pause unless we see a punch through $1568.8 and then a spark up to $1600 is likely. What is interesting is the divergence between declining interest rates and gold futures. Usually, we see these two markets track each other unless the market is pricing in a deflationary environment, and this could be the case with news of the coronavirus spreading. Now, something to keep an eye on is if the S&P breaks below 3300, calls for a top in the market might drive investors back into gold.

Technical Perspective

With support and resistance in a $32 range from $1568.8 on the upside and $1536.4 on the downside, I am expecting an explosive move once a key level is broken. Stochastics and MACD are in the middle of the range giving no clear sign of direction. The ADX is weakening and this tells us that the sideways direction will be short-lived so plan your trade and trade your plan.

Good luck and good trading,

Phillip Streible
Chief Market Strategist
312-858-7303
Phil@Bluelinefutures.com
Follow us on Twitter: @BlueLineFutures
Follow us on Facebook: Blue Line Futures Facebook page
Subscribe to our YouTube channel: Blue Line Futures YouTube channel

Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures; LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results



Midam Ventures, LLC | (305) 928-8939 | 1501 Venera Ave, Coral Gables, FL 33146 | news@goldstocks.com
Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like