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© 2017 by Blue Line Futures, LLC. 

Top Market Movers

January 7, 2020

Analysis Forecast Strategy

 

With the gap on the daily chart essentially filled we should see gold futures continue to track higher. I would still recommend a solid risk management strategy due to the high emotions and net record longs out of the Non-Commercials on the COT report. With the geopolitical tensions on the rise, the FED sitting on their hands, the bulls should be in complete control of this market. 

Critical support is still at $1556.6 which would close the gap. If you are concerned about a break below that level consider the $1550 puts for protection. 

 

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Key Chart Analysis

 

Gold

 

 

Price Analysis and Outlook
 

The daily gold chart shows that momentum indicator slow stochastics has reached overbought territory giving longer term indication that we have pushed into a Bull Market. ADX, which measures strength of the trend, has turned up over 50 which shows that the driving force behind the recent upward move is extremely strong. The 2 key levels of resistance to watch out for are $1590.9 and $1600 and if we can break through $1600 expect to see a smile on my face. 


 

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For a customized strategy please email me at Phil@Bluelinefutures.com where we can further discuss options and future strategies. 

 

 

By Phillip Streible

 

312-858-7303

 

Phil@Bluelinefutures.com

 

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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

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