Gold Starting the Week In The Red

Michael Bullion Precious Metals Leave a Comment

Gold traded down into settlement ending midway between the high and low for the session.  The yellow metal is currently trading below its 5, 20 and 50 day moving averages indicating a short term bearish pattern but still above the 100 and 200 day moving averages.

The other metals are similarly down at midday.  May silver futures settled down to $16.536 a troy ounce, April platinum futures dropped to $962.90 a troy ounce, May copper futures settled down to $3.1240 per pound, and June Palladium futures fell to $967.65 a troy ounce.

For April gold, we see near term resistance at $1,325.43 with longer term resistance at $1,330.07.  With near term support at $1,315.73, and showing longer term support at $1,310.67.

If futures interest you or to discuss trade ideas, please give me a call.

Bullion on Bullion.

** Call me for a complimentary consultation on any of your future and futures needs **

Open an Account

Join My Mailing List

Michael Bullion, CAIA

Senior Technical Analyst

Walsh Trading, Inc.

Direct: 312.985.0156

             888.391.7894

Fax: 312.256.0109

mbullion@walshtrading.com

www.walshtrading.com

RISK DISCLOSURE: THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES AND OPTIONS TRADING.  THIS REPORT IS A SOLICITATION FOR ENTERING A DERIVATIVES TRANSACTION AND ALL TRANSACTIONS INCLUDE A SUBSTANTIAL RISK OF LOSS. THE USE OF A STOP-LOSS ORDER MAY NOT NECESSARILY LIMIT YOUR LOSS TO THE INTENDED AMOUNT.  WHILE CURRENT EVENTS, MARKET ANNOUNCEMENTS AND SEASONAL FACTORS ARE TYPICALLY BUILT INTO FUTURES PRICES, A MOVEMENT IN THE CASH MARKET WOULD NOT NECESSARILY MOVE IN TANDEM WITH THE RELATED FUTURES AND OPTIONS CONTRACTS.

Leave a Reply

Your email address will not be published. Required fields are marked *