Gold Prices Remain Strong

Gold Futures---Gold futures in the April contract settled last Friday in New York at 1,302 while currently trading at 1,310 up about $8 for the trading week. Prices reacted positively off of the Federal Reserve statement that they will not raise interest rates for the rest of 2019 which is a bullish fundamental factor towards gold and the precious metals as a whole.

Gold prices held major support a couple weeks back at the 1,280 level as I still believe we will break the February 20th high of 1,349 in the coming weeks ahead.

The Federal Reserve stated that there will be no more interest rates hikes in the near future as that is bullish commodities and stock prices in general as I see no reason to be short gold at these relatively inexpensive prices.

Gold futures are trading above their 20 and 100 day moving average as the trend is slightly higher as I will be looking at a bullish position if prices hit a 4 week high in next weeks trade as the chart structure is improving on a daily basis due to the low volatility. The U.S dollar has sold off of recent highs as lower interest rates in the United States means a weak dollar which is also bullish gold.




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