Very simple chart today. As I mentioned before the funds (ie: wise guys) have turned from a three week sell off to a more supportive phase.
Commercials like wise covered and the open interest has increased nicely. Gold will benefit from some Bitcoin Ethereum spill over. the four house chart
is very supportive. A sell off that was expected was contained and response so far today has been very bullish. low volume today in the August contract at the 1262
level. 137,000 contracts traded so far today at 12:55 eastern time. August now at 1272.0 big move past resistance at high 1260's. If we hold 1270 at the New York close
I see a test of 1275-1280 within a few days. Gold going higher.
Commercials like wise covered and the open interest has increased nicely. Gold will benefit from some Bitcoin Ethereum spill over. the four house chart
is very supportive. A sell off that was expected was contained and response so far today has been very bullish. low volume today in the August contract at the 1262
level. 137,000 contracts traded so far today at 12:55 eastern time. August now at 1272.0 big move past resistance at high 1260's. If we hold 1270 at the New York close
I see a test of 1275-1280 within a few days. Gold going higher.
solid support at 1266. then at 1269.00. As I type this big struggle at
the 1270 hurdle. Now backed off at 1269.40. Considering the price action
today I remain bullish. The ADP # failed to stop gold in it's tracks.
The 1235 put was most active 4525 contracts, put buyers thinking NFP are
going to be huge, put sellers not worried. I wouldn't be surprised to see a selloff
of 10$ tomorrow at 8:30 but I think we will quickly rebound.