Gold Futures Trading Outlook - Tuesday 10/9
Gold futures (/GC Dec) suffered a second straight daily loss on Monday, backing off from the vaunted $1,800 resistance level. Contracts, however, finished the day well off of intraday lows ($1,768.20) to close at $1,777.60.
Looking Ahead
As the six-month daily chart below shows, gold futures are currently resting on support dating back to mid-August. Should it hold, it may set up another run at the one year high of $1,804.40 (November of 2011). If prices break the trend line to the downside, however, look for a retest of the nearest support level at $1,740. After that, no support comes into play until $1,720 and then $1,687.
Relevant trade levels
Yesterday's intraday high - $1,782.50.
Yesterday's intraday low - $1768.20.
One week high - $1,798.10.
One week low - $1,765.70.
One month high - $1,798.10.
One month low - $1,720.
Six month high - $1,798.10.
Six month low - $1,526.70.
One year high - $1,804.40.
One year low - $1,523.90.
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Posted in: Long Ideas, Futures, Short Ideas, Commodities, Technicals, Pre-Market Outlook, After-Hours Center, Markets, Trading Ideas, Best of Benzinga
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