Technical Update: Gold Heading For The Lows Of The Move?

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show. Gold futures were trading lower by $6 at $1169.20 in Friday's session. In Thursday's session, it breached the lower end of its five-day trading range ($1180), falling to $1172.40 before recovering to close at $1175.20. There has been follow through to the downside in today's session that accelerated when the May unemployment numbers were released. So far, it has reached $1162.10 before staging a rebound that is now approaching the $1170 level. The current low marks the lowest level for the August contract since it bottomed on March 19 at $1160.40. The 2 1/2-year-low for the contract stands at March 17 low ($1143.40). The SPDR Gold Trust (ETF) GLD was trading at $112.12, down $0.72. The Market Vectors Gold Miners ETF GDX was trading at $18.86, down $0.20.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: FuturesTechnicalsCommoditiesIntraday UpdateMarketsTrading IdeasPre-market outlook
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!