Monday, February 10, 2014
Gold Mini Contract Trade Entry Point with Stop
We have not been particularly bullish gold for quite some time but things have changed and this is the most bullish we have been as we love the chart pattern on the daily chart and think prices have bottomed so if you're looking to take a shot to the upside my suggestion would be to buy a mini contract at today's price placing a stop below the contract low of 1,180 risking around $2,600 as last Friday's monthly unemployment number was very disappointing once again sending investors into treasury bonds and gold and we do believe gold prices are headed higher.
Last year gold was down 32% & was the 1st down year in 12 years and we do think prices may have gotten too low as volatility has now entered the stock market which is pushing money back in the gold sector and we do think prices will hit 1,300 the next couple of weeks as we are in the start of a bull market once again.
Chart structure: Excellent
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