Given USD strength and the sustained pressure of ever-increasing US interest rates, gold has been taking it on the chin. However, we’re getting into buy levels/demand where it may be poised for a near-term recovery. Keep tabs on gold (spot, futures, GLD), but if you see signs of accumulation/trend reversal (use small timeframe charts), consider climbing aboard. FYI, gold futures (GC) have a yet-to-be-filled gap @ 1872.70, so we may drift lower in the immediate-term as the precious metal seeks that level. In the Jr. Miners space, we’re eyeing the 30.57-31.85 demand zone, which formed in November of '22. Protective stops should be placed below the lower bound of the buy zone. Targeting is a bit challenging, but GC futures should be able to rally to ~1910, if not higher. As everything is uncertain in trading, use your judgement. We always take mechanical profits en route to opposing zones, which are used for our target setting, and would highly recommend doing the same given the stress currently being reflected across markets.
Just a thought/idea – take it . This is a very aggressive trade given recent price action - be careful!
JHart @ LionHart Trading
Just a thought/idea – take it . This is a very aggressive trade given recent price action - be careful!
JHart @ LionHart Trading