$1,267 Major Level Of Support In Gold

Gold Futures---Gold futures in the June contract settled last Friday in New York at 1,275 an ounce while currently trading at 1,283 up about $8 for the trading week bouncing off of major support which stands at the 1,267 level.

At the present time I'm sitting on the sidelines as my only recommendation in the precious metals is a short copper play as gold prices look interesting and I think if the 1,267 level is broken a bear market will develop so that is the key price level to keep an eye on.

Gold prices are still trading below their 20 and 100 day moving average as the trend is to the downside and if you take a look at the daily chart the downtrend line still remains intact as the bullish trend would not develop until prices break the 1,304 level in my opinion so play this to the downside.

Silver prices continue their bearish trend as that is also putting pressure on gold, but one of the main influences on gold is the fact that the U.S dollar hit a 2 year high in yesterday's trade and that looks to move even higher in my opinion.

The chart structure in gold will start to improve in next weeks trade therefor the risk/reward will become in your favor as I do think there are a lot of sell stops at the 1,267 level.




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