The June contract has been routinely generating buy signals on the intraday charts, but the upthrust that ended the week created a strong signal on the daily chart. Judging from the ease with which buyers penetrated the green line (x=2352.40), more progress to at least p=2419.50 seems assured. That would leave the futures somewhat shy of the record 2448.80 recorded a month ago, but it would also ‘magnetize’ the peak to draw a test of resistance. We should pay close heed to price action at p, since a decisive push past it would put D=2553.80 solidly in play.
GCM24 – June Gold (Last:2366.90)