Are Gold Prices Going To $2,000 ?

Gold Futures---Gold futures in the August contract settled last Friday in New York at 1,753 while currently trading at 1,785 an ounce up over $30 for the trading week continuing it's slow grinding bullish momentum to the upside.

At the current time I am not involved, but this is one of the strongest trends out of all commodity sectors as I think we will crack the 1,800 level in next week's trade as your have to remember the Federal Reserve has put trillions of dollars into the economy which is a very bullish fundamental factor towards gold.

If you take a look back at 2011 when quantitative easing was first introduced the commodity markets and especially silver & gold rallied significantly as chairman Jay Powell has stated that the Federal Reserve will do anything that is needed as that is very supportive going forward.

Gold prices are trading above their 20 and 100 day moving average as the trend is to the upside and if you are long a futures contract I would continue to place the stop loss under the 10 day low standing at 1,717, however the chart structure will improve on a daily basis next week therefor lowering the monetary risk as I see no reason to be short.

TREND: HIGHER

CHART STRUCTURE: SOLID

VOLATILITY: AVERAGE

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