Trade Idea: Pending Buy On Gold Futures

15 May 2022

GOLD FUTURES (GC, $1808) POTENTIAL BUY | Previously (09 March) at $2060 I called for a sell/reduce based on the price trading 2.5 to 3x it’s mean as well as overbought on it’s 7-day RSI. The commodity has since retraced by $252 or 12% and at current levels, the 7 and 14-day RSI is at 22 and 30 respectively. I am now looking at a BUY as the price approaches the trend line support with provisional levels as follows: ENTRY between $1796 and $1808, stop-loss $1775 and a target of $1845.