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(Kitco News) - Tues May 31—August Comex gold futures are climbing for a third session in a row Monday morning, however the contract is nearing minor resistance at the upper daily Bollinger band line. Daily momentum indicators are positive, but the market remains trapped within a medium term range market, defined by the May 2 high and the May 5 low for now, at $1,577 and $1,464 respectively.
Overall, longer-term the solid bull trend remains intact, which favors an eventual upside breakout from the current sideways range.
"I see a solid long term bull market that has not topped yet. Unless you believe that suddenly all the world's economic issues will be resolved and that energy prices will plunge there is no choice but to be bullish and the charts support that view," said Jake Bernstein, trader and analyst at Jake Bernstein on Futures.
Looking at the market on a near term basis, Bernstein added: "It's a trading market for the short term. For intermediate term, I'd buy on a $45 or more break."
He identified the $1,460 level as intermediate term support for gold.
From a seasonal perspective, Bernstein highlighted the current period as traditionally weak for the yellow metal. "Gold is seasonally lower ideally until late August. The big moves up historically begin in late August," he noted. Bernstein saw "new all-time highs likely after late August."
Farther out, on a long term basis, Bernstein has pinpointed an objective above the $2,200 level, based on his cycle projections for gold.
Overall, longer-term the solid bull trend remains intact, which favors an eventual upside breakout from the current sideways range.
"I see a solid long term bull market that has not topped yet. Unless you believe that suddenly all the world's economic issues will be resolved and that energy prices will plunge there is no choice but to be bullish and the charts support that view," said Jake Bernstein, trader and analyst at Jake Bernstein on Futures.
Looking at the market on a near term basis, Bernstein added: "It's a trading market for the short term. For intermediate term, I'd buy on a $45 or more break."
He identified the $1,460 level as intermediate term support for gold.
From a seasonal perspective, Bernstein highlighted the current period as traditionally weak for the yellow metal. "Gold is seasonally lower ideally until late August. The big moves up historically begin in late August," he noted. Bernstein saw "new all-time highs likely after late August."
Farther out, on a long term basis, Bernstein has pinpointed an objective above the $2,200 level, based on his cycle projections for gold.
tranquilli è un gain strasicurissimo