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Recent Good Call - COMEX

By:  Rob Zukowski Posted:  03 Feb 15:23

 US Chart COMEX Feb Gold Update: No gold momentum at this hour, but staying with rally view from Fri for now (0100-KPSN-C01)

 

View:

30 Jan COMEX Feb Gold Update - GCG7 was not quite able to reach our 1st rally target at 1200 during the o/n action before being forced to pull it back some amid the firmer DXY action. Still, we stay with our new S/T bull view from Fri around the 1186 level unless gold closes below the 50-day MA at 1178. We still look for 1200 and beyond there the target zone stretches to 1223/36 as long as the 50-day MA still holds.

 

Result:

Gold continued to hold the 50-day MA and rallied as expected. We switched from the Feb to the Apr contract on 31 Jan, but the result was the same; more rally action expected for the week. Our 1223/36 rally target zone was tested on 02 Feb.

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