Gold Futures Squeeze Toward Record Highs
Gold futures spent late April in a tight range, but now they’re approaching record levels as fears spread about banks and the debt ceiling.
The first pattern on today’s chart is the February high around 1975. GC’s latest pullback bottomed above that peak, which suggests new support is above old resistance. Does that reflect an uptrend?
Second, Bollinger Bandwidth is starting to rise after falling last month. That may indicate prices are ready to expand following a period of compression.
Third, MACD just turned positive -- a potential sign of the shorter-term trend turning bullish again.
Finally, consider two longer-term levels. First, the peak from the previous bull market in 2012 near 1800. GC began its current rally by breaking that price zone, followed by a bounce above it in early March. The move may confirm a new bull market has begun.
Second is the August 2020 high of 2089. Prices came within 4 points of the old peak today. Given the uncertain macro environment, some traders may look for GC to challenge the old high.
Trading futures just got more accessible after TradeStation slashed commissions! Click our Overview for more.
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This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing in cryptocurrencies involves significant risks. Please click here for TradeStation Crypto’s risk disclosures on investing and trading in cryptocurrencies.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
The first pattern on today’s chart is the February high around 1975. GC’s latest pullback bottomed above that peak, which suggests new support is above old resistance. Does that reflect an uptrend?
Second, Bollinger Bandwidth is starting to rise after falling last month. That may indicate prices are ready to expand following a period of compression.
Third, MACD just turned positive -- a potential sign of the shorter-term trend turning bullish again.
Finally, consider two longer-term levels. First, the peak from the previous bull market in 2012 near 1800. GC began its current rally by breaking that price zone, followed by a bounce above it in early March. The move may confirm a new bull market has begun.
Second is the August 2020 high of 2089. Prices came within 4 points of the old peak today. Given the uncertain macro environment, some traders may look for GC to challenge the old high.
Trading futures just got more accessible after TradeStation slashed commissions! Click our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing in cryptocurrencies involves significant risks. Please click here for TradeStation Crypto’s risk disclosures on investing and trading in cryptocurrencies.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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