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Gold Future Correction Risk Lower Before Bull Theme Renews

Posted by on in Commodity Chart Updates
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Gold Future Correction Risk Lower Before Bull Theme Renews

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Gold Future Correction Risk Lower Before Bull Theme Renews (February 2015 Contract)

The Tuesday push above 2139 has reinforced the basing effort from last December for a bullish shift and leaves threats still higher for latter January.

Hesitancy at 1244/45, however, leaves the bias for a corrective dip this week.

Short-term Outlook - Upside Risks:

  • We see a more positive tone with the bullish threat to 1256 through mid-month.
  • Above here targets 1256, the 61.8% retrace at 1266 and 1298/99.

Momentum: The 8-day RSI, short-term momentum is rising and has scope to go still higher this week.

What Changes This? Below 1204 eases bull risks; through 1186 signals a neutral tone, only shifting negative below 1167.

For Today:

  • We see a downside bias for 1225 break here aims towards 1217, which we look to hold.
  • But above 1244/45 opens risk up to 1250 and 1256.

Daily Gold Future Chart


2 Hour Gold Future Chart


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Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.

He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).

Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.

Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.



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