Gold Prices Slightly Lower For Week

Gold Futures---Gold futures in the April contract finished down about $4 for the week at 1,318 an ounce reversing earlier losses finishing strong especially compared to the rest of the commodity sectors.

The U.S stock market sold off about 200 points as that supported gold prices as there were concerns earlier in the day about lower inflation estimates in Europe coupled with the fact that the U.S dollar also hit a 2 week high, however investors came back into the market as a flight to quality.

I have been recommending a bullish trade from around the 1,252 level and if you took that trade the stop loss has now been raised to 1,302 as the chart structure is outstanding at the present time.

Gold prices are still trading above their 20 and 100 day moving average as the trend remain strong, but for the bullish momentum to continue we have to break the January 31st high of 1,331 in my opinion.

Let's see what Monday's trade brings as I think they'll be a lot of volatility due to the fact that many government reports will finally be released.

TREND: ---HIGHER

CHART STRUCTURE: EXCELLENT

VOLATILITY---LOW

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