Gold Prices Hit A 2 Week Low

Gold Futures---Gold futures in the June contract settled last Friday in New York at 1,287 an ounce while currently trading at 1,279 down about $8 for the week ending on a sour note. I had been recommending a bullish position from around the 1,301 level as it is time to exit and move on as prices hit a 2 week low experiencing another false breakout.

Gold prices hit a 5 week high earlier in the week looking to break out, however then the stock market stabilized as it generally does throughout history sending money flows back into equities and out of the metals.

The U.S dollar is hovering near a 2 year high as I have a bullish position in that currency as that also has put pressure on gold prices which now look to test the major support around the 1,267 area so sit on the sidelines and let's wait for another trend to develop. Silver prices are hitting a 5 month low today and that is also putting pressure on gold as I also have a bearish copper recommendation which continues to drip lower on a weekly basis as the commodity markets in general remain weak.

Gold prices are now trading under their 20 and 100 day moving average as the trend has turned south, however for the real breakout to occur we have to break the May 2nd low of 1,267 and if that does happen expect lower prices ahead.

TREND: ---LOWER

CHART STRUCTURE: EXCELLENT

VOLATILITY: AVERAGE

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