Presidents’ Day Limits Hours Traded but Not the Bullish Rally

Although Presidents’ Day has shortened the hours of trading, it has not dampened the bullish market sentiment. Trading in the Comex exchange was closed, however the Globex remained open on an adjusted time schedule.

Throughout trading yesterday in Australia, Hong Kong and London set the pace for a continuation of Friday’s dramatic rally in the precious metal’s markets. Currently April futures basis the Globex exchange is up $7.60, and fixed at $1329.70.

 As we are long from $1316.20, today’s price gains widened the difference between our entry price and current pricing. Mark to market our trade currently has a profit of $12.50 per ounce, which converts into $1250 per 100-ounce contract. Noteworthy today was the intraday high which came in at $1330.20, just two ticks shy of the record high for the year, which was achieved earlier this month when April futures traded to $1331.

On today’s brief holiday edition of the gold forecast we will cover two important topics. First, we will address our current stop placement and speak to what level we will most likely raise it to in the next couple of days. Second and most importantly we will begin to discuss are exit strategy with a price target to optimize the profit potential in our current trade.

Also, we will be implementing a new feature that will involve an interactive live broadcast hosted by myself for our premium subscribers only. This will allow you the opportunity to ask any questions you may have as we discuss the current market action.

For those interested in attending this event please email us at  support@thegoldforecast.com  to reserve a seat. We will  need your email address to send you login  instructions.

Based on your response we will be able to determine whether or not our subscribers want to see this feature enabled on a regular basis either weekly or bimonthly.

Wishing you as always, good trading,