Recent Report:
Daily Report: 22 hours 45 min ago
Gold futures have settled with moderate gains on the day. The most active August contract closed at $1250.90, up approximately $5.10. This gain occurs immediately following two trading days in which the lows have been at the 200-day moving average, and their respective closing prices were below the 61.8% retracement. As such, the last four days, as seen through the eyes of Japanese candlesticks, can be identified by two distinct candlestick patterns. Both patterns indicate support and a potential bottom concluding the recent price decline. The first pattern is simply called “tweezer bottoms” and... 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
It is undeniable that gold prices have been dropping since the failure to take out $1300 per ounce. Nonetheless, gold succeeded in gaining roughly $85 in value as it traded from $1212 the previous month. A respectable rally came to an end and the question at that point was what percentage would be given back as gold pricing began to decline. Key Fibonacci Retracement Levels Typically, a shallow retracement will result in a net drawdown of either 23.6% or 38.2% retracement, key numbers of the Fibonacci ratio. A deep retracement will typically lead to a 61.8% reduction of the net gain during the... Read more
Now in its third consecutive week of lower pricing, gold prices drifted lower again today. The most active futures contract (August 2017) settled $2.40 lower today to close at $1244.30. But I believe it is the intraday low of gold pricing that warrants the greatest amount of attention. Gold traded to an intraday low of $1242.40. This low corresponds almost precisely to gold’s 200 day moving average, which currently sits at $1242. This is the second of two key technical price areas that traders need to look at as a potential area for support. The other key technical area to watch is the 61.8%... Read more
Last week’s FOMC meeting resulted in statements and policies that reflect a robust U.S. economy, which is recovering from a dramatic recession. As such, actions and statements had a much more hawkish tone than previous FOMC policy meetings. Not only did the Fed announce a much-anticipated interest rate hike last week, but they also revealed their intentions to add one more interest rate hike this year. That fits within previous statements made by the Fed, but more importantly, shows that the U.S. economy has been robust and can handle a normalization of interest rates as laid out by the Federal Reserve... Read more
Over the last couple of days, market participants have been analyzing and absorbing recent statements and actions initiated by the Fed at the conclusion of this month’s FOMC policy meeting. Analysts continue to parse the press release issued by the Federal Reserve, along with statements made by Chairwoman Janet Yellen during her news conference which followed the policy meeting. The highly anticipated rate hike announced on Wednesday was largely factored into the market. However, the Fed revealed the mechanics and timetable to unwind the massive accumulation of assets on its balance sheets that were... Read more