Can Gold Close above $2350?
Gold (August) / Silver (September)
Gold, last week’s close: Settled at 2339.6, up 3.0 on Friday and 8.4 on the week
Silver, last week’s close: Settled at 29.56, up 0.304 on Friday and down 0.382 on the week
Gold and Silver futures failed to respond to a barrage of supportive economic data through the end of the week, and despite a positive finish, it felt more or less flat-footed. We now look to ISM Manufacturing at 9:00 am CT, and it can be a tough datapoint to balance; metals are used in the manufacturing process, but weaker data is seen supportive to the Fed cutting rates. At the end of the day, we must see a sustained move in Gold out above major three-star resistance at 2348.7-2350.6 and Silver above 29.95-30.12 in order to encourage price action to come out of a constructive bottoming pattern.
Bias: Neutral/Bullish
Resistance: 2348.7-2850.6***, 2355.3-2358.8***, 2369**
Pivot: 2338-2340.5
Support: 2326.8-2329.7***, 2322**, 2312.2-2315.9***, 2304.2-2306.8***
Silver (Sept)
Resistance: 29.70-29.74***, 29.95-30.12***
Pivot: 29.50
Support: 29.40**, 29.25***, 28.90-29.07****, 28.65-28.74**, 27.84-28.08****
Check out CME Group real-time data plans available on TradingView here: tradingview.com/cme/
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs tradingview.com/cme/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
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.
Gold, last week’s close: Settled at 2339.6, up 3.0 on Friday and 8.4 on the week
Silver, last week’s close: Settled at 29.56, up 0.304 on Friday and down 0.382 on the week
Gold and Silver futures failed to respond to a barrage of supportive economic data through the end of the week, and despite a positive finish, it felt more or less flat-footed. We now look to ISM Manufacturing at 9:00 am CT, and it can be a tough datapoint to balance; metals are used in the manufacturing process, but weaker data is seen supportive to the Fed cutting rates. At the end of the day, we must see a sustained move in Gold out above major three-star resistance at 2348.7-2350.6 and Silver above 29.95-30.12 in order to encourage price action to come out of a constructive bottoming pattern.
Bias: Neutral/Bullish
Resistance: 2348.7-2850.6***, 2355.3-2358.8***, 2369**
Pivot: 2338-2340.5
Support: 2326.8-2329.7***, 2322**, 2312.2-2315.9***, 2304.2-2306.8***
Silver (Sept)
Resistance: 29.70-29.74***, 29.95-30.12***
Pivot: 29.50
Support: 29.40**, 29.25***, 28.90-29.07****, 28.65-28.74**, 27.84-28.08****
Check out CME Group real-time data plans available on TradingView here: tradingview.com/cme/
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs tradingview.com/cme/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.