April gold futures closed down $28.00 at $1,544.40 yesterday. Prices closed nearer the session low and hit a three-week low. The bulls still have the slight overall near-term technical advantage but are fading as a three-month-old price uptrend on the daily bar chart has at least temporarily been negated. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at this week’s high of $1,598.50. Bears’ next near-term downside price breakout objective is pushing prices below solid technical support at $1,535.00. First resistance is seen at $1,565.00 and then at $1,575.00. First support is seen at $1,550.00 and then at 1,542.80.
If you don’t already have a futures trading account with Insignia Futures & Options, I invite you to open one today…
Principal Futures Broker
Series 3 & Series 30 Registered
Phone: 1-847-379-5000 ext. 101
Toll Free: 1-866-892-2030ext. 101
Insignia Futures & Options, Inc.
* Required disclaimer:
There is a risk of loss in futures trading. Past performance is not necessarily indicative of future results. The use of a stop loss order may not necessarily limit your loss to the intended amount. You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources.