Interactive Brokers: Gold futures soar above $2,00
  Source:Interactive Brokers 2023-05-22 13:41:50
Description:
Gold futures (GC) are consolidating after surging to the upward channel resistance line of the weekly chart and the June contract surged to the April 2022 high yesterday.Regardless of any benign profit-taking and a retreat to the key round psychological level of $2,000 by the end of the week, gold futures still have a good chance of retesting the July 2020 all-time high in April.Gold futures look to be in the late stages of a bull flag consolidation since August 2020.Investors should be mindful of the ADP non-farm payrolls for March at 8:15 a.m. Et, ISM services purchasing managers at 10 a.m. Et, as well as potential volatility following Thursday's weekly jobless claims data and the closely watched U.S. non-farm payrolls for March on Friday.Congratulations to the subscribers who read and profited from my warning on November 2, 2022, that gold futures are in the early stages of forming an important bottom.The Relative Strength Index (RSI), Stochastics and MACD on the weekly, daily and 4-hour charts are all at the bottom and are either rebounding or consolidating recent gains.I will go long in the green area on the daily chart and aim for the red area next Tuesday.If I am a volatility trader, the amber/yellow area is where I set my stop (although I rarely hold overnight positions in my personal account, I set the stop range narrower).