TElphee
Long

Gold_The Perfect Hedge?_Daily Chart is Key

COMEX:GCZ2017   GOLD FUTURES (DEC 2017)
Hello Traders!

I am looking at Gold futures /GCZ17.

Indicators are showing bullish activity in gold since price has established long-term uptrend by breaking and holding more than 9 days above 1300 level (verified 8/25.)

Our latest upstroke started on 07/10/17 with a low of 1211.1. We ended on 9/08/17 with a high of 1362.4. Since then price has pulled back and respected the strongest fib level .385.
Recently price has broken the trend and moved above our 9 & 12 exponential moving averages- EMA's. We are even showing lower time-frame rejection of the buy zone formed by the EMA's.

Lastly consider Gold as a safe heaven asset in context to stocks and indexes at all-time highs. Seems like a fail-proof hedge against any news/data/disasters that could play out now until Christmas. I personally believe stocks are overvalued at this moment.

I'll be considering longs if we get a verified close above 1285 and updating this post as necessary.

Like-Comment-Follow! Much appreciated!

Trade Well.
Oct 10
Comment: Gold is looking very bullish this morning, along with all other indexes looking up. I'm going to go ahead and place a buy order at 121.50 OCO with stop at 119.66 and target 128.
Oct 10
Comment: I am trading via GLD SPDR shares. Orders are active at 9:30 am.
Oct 17
Trade active: bought in GLD 112.10

Comments

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