Near Term (Basis June): Bullish

The June gold futures turned in a small inside range day of trading with the shorter-term 9-day moving average support continuing to support the market on the current small setback from the recent trading high from Monday. This keeps the rising ADX in place as a reason for the trend followers to stick with the aggressively approach to the buy-side. It also puts the market in position on Friday to disappoint and allow further weakness that breaks through the 9-day MA and in turn implies the ADX could turn lower to create weakness in the chart read for next week’s trading. 

Long Term: Bullish

Our long-term technical outlook is bullish. Major resistance is $1338.3, while support is $1194.5 and then $1179.7.2017-04-20 16_36_44-042017_SF_Daily_Commentary_Gold [Read-Only] - Microsoft Word2017-04-20 16_36_38-042017_SF_Daily_Commentary_Gold [Read-Only] - Microsoft Word

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