Recent Report:
Weekly Report: 23 hours 33 min ago
Gold is currently trading strongly higher on the day. As of 4 o’clock EDT, it is at $1254.30. This based on the most active August 2017 futures contract, which is a net change of $8.80 on the day. What jumps out as being a little different than other up day's this week is that today’s upside move is a combination of roughly equal parts weak U.S. dollar and strong buying in the market. Expressed best through the Kitco Gold Index (KGX), physical gold is currently trading up $10.20 on the day. Of that $10.20 gain, $4.20 is directly attributable to a weaker U.S. dollar, with the remaining six... Read more
Trading System
The system that we use for trade recommendations is a hybrid method in which we combine fundamental data with three primary technical studies.
We look at fundamental data for the "big" picture, which we weave into our technical studies. These studies will help identify key pivot points. They will also provide us with the timing for entrance and exits of trades, as well as stop placements.
The three technical methods we combine are Japanese Candlesticks, Elliot wave theory and Fibonacci retracement.
The Gold Forecast
The Gold Forecast was created for investors and traders of all levels. Each day we publish a five to ten minute video containing concise, easily-digestible visual and verbal information, conveying precision technical market insights. All blended with the day’s most important fundamental news.
Trending Markets
Trending markets is an ancillary module for use with your Gold Forecast subscription.
It covers additional markets such as the S&P 500, US dollar and crude oil. The primary purpose for this service is to provide us with quality markets to trade when the precious metals markets are range bound, or when these markets present trading opportunities.
Endorsements of Confidence
Gary is one of the most skilled technicians I have met during my time covering the markets. Dedicated, reputable and skilled…
Daniela Cambone
Editor-in-Chief, Kitco News
About The Gold Forecast
Wagner Financial Group is the producer of the Gold Forecast.
Based in Honolulu, Hawaii, our company is comprised of a dedicated group of trading, technology, and finance professionals who apply their experience, teamwork and innovation towards a common goal - helping traders succeed.
Previous Reports
After a relatively muted summer, gold is now ending the week 2% higher. Gold was last quoted up $10.10 at $1255.40 an ounce, its highest level since June 26. "We definitely hit a bottom last week...I still think we have higher to go," said Gary Wagner of thegoldforecast.com. ' “With the fundamental events in the marketplace now, we could see a break above $1,300 now,” he added. "A break above $1273 would signal the proper momentum to get back to this level." However, equities in the short-term have definitely outshined the yellow metal. Since last year's Brexit vote, a portfolio with only 5... Read more
Comments made by European Central Bank President Mario Draghi confirmed what many analysts expected; that the ECB would keep the current interest rate level unchanged. Draghi also vowed that the current policy of asset purchases would continue through the end of the year. In a written statement, President Draghi said, “If the outlook becomes less favorable, or if financial conditions become inconsistent with further progress towards a sustained adjustment in the path of inflation, the Governing Council stands ready to increase the program in terms of size and/or duration.” As reported by the... Read more
The U.S. dollar has been under siege. In this year alone, the U.S. dollar has lost approximately 9% since the highs reached at the end of 2016. Since then, the dollar index has lost a lot of ground, a little over 2% this month alone. It is this recent dollar weakness that has propped up pricing in both gold and silver. In his daily commentary for Kitco News, Jim Wyckoff said, “A main bullish input for the precious metals markets has been a seriously eroding U.S. dollar index. The dollar bears have the solid overall near-term technical advantage amid a price downtrend that has been in place all... Read more
For the third day in a row, gold closed sharply higher. Gold prices have risen six out of the last seven trading days when considering the incremental upside gains seen early last week. Today’s gains were mostly dollar weakness with a small percentage of the gains attributable to buying. As of 4:00 EDT, most active August gold futures is trading at $1241.30, up $7.60 on the day for a net gain of 0.61%. However, on closer inspection, it is dollar weakness that provided much of today’s gains. According to the Kitco Gold Index (KGX), spot gold is currently trading up $7.70. That gain is composed... Read more