Good Monday, Traders!
Gold is one of the true classic assets that is working well so far this year.
With US inflation nearly out of control, the Federal Reserve in catch-up mode with the likely impact of its changing policies bringing a US recession and plenty of other messes to deal with, gold is the go-to successful asset.
Gold is up in price on a cash basis for the year to date by 8.19%. This compares with US stocks as measured by the S&P 500 Index dropping in price by 7.60%.
Bonds are largely down in price, up in yield led by US Treasury issues. And other assets are also down for investors.
We’ve been on board the gold market via futures contracts for a while now inside War Room and Futures Edge.
And last week, I made another call that gold was also set for an additional trading gain.
That’s exactly what has happened as the new trading week opened up. Gold is trading further up, and there may well be even more upside in the making.
The Chart Setup from Last Week
Here is how I saw the gold futures market set up from last week through to today’s further gains to its near-term target price…
We had our limit set at the one-hour up Fibonacci at 2,001.80.
And as you can see in the up-to-date chart below, that limit was hit during today’s session…
The market broke the counter trend line bullish and rallied towards our target as expected!
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Keep On Trading,
P.S. I have been teaching more and more traders how to make their own trading accounts work so well that they can effectively become a side job with plenty of regular earning opportunities. And in particular, learn how this is really working with digital currencies such as BTC!To learn how to do this effectively using the strategies developed inside my War Room, click here!