Gold Futures Still Have Room to Run
Technical Momentum Strengthens
Gold Futures hit an all-time high in 2024 at $2,448 on the June futures contract on April 12. Futures remain firmly above the rising 50-day Moving average at $2,184 and well above the 200-day Moving Average at $2,072. The technical perspective shows momentum studies accelerating, with the 9-day moving average gaining momentum above the 18-day.
Stochastics are in overbought territory above 80, and DMI + and DMI—are firmly positive, indicating that the bullish trend may have more room to run.
Tailwinds Continue to Develop
According to the CME's Fedwatch tool, Looking out to June, swaps are pricing in a 15% chance that the Fed makes its first interest rate hike in the cycle. At the same time, September shows a much higher probability, closer to 60%.
Geopolitical tensions, rampant fiscal spending, and central bank buying have been the main drivers and have helped propel Gold prices recently.
Industrial Metals Strengthen
Performance remains strong in the Precious Metals space and has continued to spill into the industrial complex. A pick-up in manufacturing, a jump in Chinese GDP, and a resilient U.S. economy have fueled a broad-based rally in copper and silver.
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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
Disclaimers
*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 Futures hit an all-time high in 2024 at $2,448 on the June futures contract on April 12. Futures remain firmly above the rising 50-day Moving average at $2,184 and well above the 200-day Moving Average at $2,072. The technical perspective shows momentum studies accelerating, with the 9-day moving average gaining momentum above the 18-day.
Stochastics are in overbought territory above 80, and DMI + and DMI—are firmly positive, indicating that the bullish trend may have more room to run.
Tailwinds Continue to Develop
According to the CME's Fedwatch tool, Looking out to June, swaps are pricing in a 15% chance that the Fed makes its first interest rate hike in the cycle. At the same time, September shows a much higher probability, closer to 60%.
Geopolitical tensions, rampant fiscal spending, and central bank buying have been the main drivers and have helped propel Gold prices recently.
Industrial Metals Strengthen
Performance remains strong in the Precious Metals space and has continued to spill into the industrial complex. A pick-up in manufacturing, a jump in Chinese GDP, and a resilient U.S. economy have fueled a broad-based rally in copper and silver.
tradingview.com/cme/
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
Disclaimers
*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.
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