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May 25, 2017 - 3:19pm

Gold prices continue to hold on to small gains after initial weekly U.S. jobless claims saw muted change, rising by 1,000 to a seasonally adjusted 234,000 in the week to Saturday, the government said. Gold was already showing some modest gains ahead of the report and was relatively unchanged in initial reaction. June Comex gold futures last traded at $1,257 an ounce, up 0.31% on the day. “Immediately following the release of the minutes, we saw U.S. equities moving modestly to higher ground. At the same time, we saw the U.S. dollar trading modestly lower and gold trading slightly higher,” Gary Wagner of thegoldforecast.com said. “These actions come about as a result of the Federal Reserve’s resolve to implement another interest rate hike in June. Based on the CME’s FedWatch tool, which...

April 7, 2017 - 3:18pm

Gold prices saw some volatility Friday, first moving higher as it caught a safe-haven bid following President Trump's missile strike on Syria and the release of weaker jobs data in the U.S. However, the yellow metal fell under pressure later in the trading session after hitting a five-month high overnight. Can gold's regain momentum and move higher next week?

March 27, 2017 - 3:58pm

Gold prices ended the U.S. day session moderately up and hit a four-week high following last week's uptick. New money is flowing into gold, said Gary Wagner, publisher of the goldforecast.com, on Monday. After the failure to push through a healthcare reform package on Friday, Wagner noted that it has raised questions over President Trump's ability to deliver promised tax cuts and spending plans. That knocked stocks and the dollar to a four-month low and gold is reaping the benefits, he told Kitco News. April Comex gold settled the day at $1,255.70, up 0.58% on the day. May Comex silver settled the day at $18.108 an ounce, up 2%. Wagner explained that the metal needs an effective close over $1,265 and then the next real resistance level will be $1,300. 

January 12, 2017 - 2:47pm

Gold prices are higher Thursday, hitting a six-week high, and have moved above the key psychological barrier at $1,200.00. “What is interesting is that we are now seeing some similarities between the beginning of 2016 and the beginning of 2017,”said  Gary Wagner, publisher of the goldforecast.com. “Gold prices had been under tremendous pressure throughout the 2015 calendar year, with prices culminating at a four-year low at 1050 per ounce. The low seen at the beginning of 2016 was the net result of a multi-year correction, which began after gold had reached its all-time record high of $1900 per ounce. The low that was achieved at the end of 2015 and the beginning of 2016 turned out to be the lowest price gold traded to since October 2009,” he explained. That same low would become the...

December 12, 2016 - 4:48pm

Gold sees a small bounce Monday, after hitting fresh ten-month lows overnight. So could the metal be setting itself up for a bigger move later in the week once the U.S. Federal Reserve meeting is out of the way? The overwhelming market sentiment is that an interest rate hike will be announced at the conclusion of the Federal Open market committee meeting, said Gary Wagner of thegoldforecast.com on Monday. ‘At this point, it is widely believed that a rate hike has been factored into current market pricing. With this newfound optimism, we could expect to see a continuation of the pervasive optimism, which has fueled this equities rally since the presidential election,’ Wagner said. He added, ‘Therefore, all things being equal, we could expect to see continued pressure on safe haven...

November 22, 2016 - 3:03pm

We don’t know how this new President will act and what kind of environment we’ll live in,” Gary Wagner of thegoldforecast.com told Kitco News at the Silver & Gold Summit in San Francisco. For that reason, he expects exciting times ahead for the precious metals markets. “Gold can move either extremely higher or lower, I don’t think we’ll see a flat market next year.” 

November 4, 2016 - 3:25pm

With October jobs data in the rearview mirror, all focus has shifted to Tuesday’s U.S. election where the American public will finally decide who will be the next President. And, according to technical analyst Gary Wagner, gold investors will also be on the lookout, potentially holding the metal’s price above $1,300 an ounce. ‘Going into the election, I would expect precious metals and specifically gold to continue to act as a safe haven,’ he told Kitco News Friday. ‘I think it will trade above $1,300 going into the election and if the polls continue to tighten, I would expect that to be a very strong motivating factor to move gold higher.’

August 19, 2016 - 5:17pm
Published on Aug 19, 2016

Gold prices close the week lower ahead of the big central bank meeting in Jackson Hole, so what is the best way for gold traders to play this market? According to veteran technical analyst Gary Wagner of thegoldforecast.com, gold prices need to hold key support at $1,330 an ounce. On the upside, Wagner said he would like to see the market break above $1,370.

Gold prices settled flat on the week with December gold futures settling at $1,346.20 an ounce Friday. However, Wagner told Kitco News he thinks gold’s downside potential is limited. ’I think what we’ve seen with the decline in prices this week was really factoring in the expectation of a rate hike this year. That is now factored into the market,’ he said. As markets shift focus to...

August 4, 2016 - 6:00pm

Gold prices ended the U.S. day session modestly higher Thursday, boosted by the announcement from the Bank of England that it is easing its monetary policy for the first time since 2009. Traders and investors are now awaiting Friday morning’s July U.S. employment report from the Labor Department. The key non-farm payrolls number is expected to show 180,000 jobs were created last month, explains Gary Wagner of the popular website, thegoldforecast.com. He noted that tomorrow's number will be key for the metal. Wagner is sticking to his previous gold call of $1,450 an ounce. Gold rose even as the dollar climbed, which tends to be negative for commodities priced in the currency. A stronger dollar tends to diminish the appeal of assets priced in dollar terms. December Comex gold futures...

July 12, 2016 - 5:44pm

Despite gold’s pullback, settling the day at $1,335.30 an ounce, veteran technical analyst Gary Wagner say he remains bullish. So much so, gold may rally to $1,445 over the next three months, he told Kitco News Tuesday after the close. Gold prices are struggling amid rallying equities and crude oil prices. Is oil stealing gold’s thunder? “We’ve seen fireworks in gold,” he said. “My sense with oil is that we could see sparks but we are not going to get the kind of fireworks we’ve been getting with gold and silver.”