| The Gold Forecast

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October 13, 2015 - 5:17am

Published on Oct 13, 2015

As gold prices continue to rise Tuesday, one technical analyst says he expects the momentum to continue. ‘We saw what I believe is the absolute bottom in terms of gold prices when it came intraday down to about $1,071 and since that, we’ve seen the market rise,’ Gary Wagner, editor of thegoldforecast.com, told Kitco News in an interview Tuesday. ‘I think we will probably see some stabilization.’ According to Wagner, it is also interesting that gold prices and equities are moving in tandem, as they did in 2009, he said. December gold futures were last up 0.11% at $1,165.80 an ounce, while major U.S. indices remain flat on the day. Looking at silver, Wagner said to expect more volatility for the metal ahead. December Comex silver futures continued their...

October 2, 2015 - 5:47pm
Published on Oct 2, 2015

Although gold prices roared higher Friday in the immediate aftermath of surprisingly weak nonfarm payrolls data, one analyst says he still needs to see technical evidence in the market to become bullish long-term. According to the Bureau of Labor Statistics, only 142,000 jobs were created in September, well below expectations of 200,000 jobs. ‘[It] was such a low number that the current take at least for today is that certainly the Fed can’t raise interest rates this year, and probably not until March of next year,’ Gary Wagner, editor of thegoldforecast.com, told Kitco News Friday afternoon. ‘That kind of perception, I believe, is what has really propelled gold to higher pricing.’ December Comex gold futures rose roughly 2% on the day, hitting...

September 25, 2015 - 4:43pm

After hitting a four-week high earlier this week, gold was down on Friday but was still preparing to end its second consecutive week in positive territory, showing gains of 0.5%. Spot gold was last down $6.10 at 1148.00 an ounce. Gary Wagner, editor of thegoldforecast.com told Kitco News on Friday that an ‘interesting scenario,’ is brewing for the metal. ‘My belief is that once gold hit $1,092, it was a significant bottom -- once we bounced off of that we started to build a base. I think we are continuing to move on that rally,’ he said. ‘We did get a nice bounce as the market came down earlier, it thought it would go to $1,115 – but we have a great support at $1,121’ he added. As for Fed Chair Janet Yellen’s after-market speech on Thursday, Wagner viewed her talk as a litmus test to...

September 11, 2015 - 10:53am

Gold is trading sideways ahead of next week’s much anticipated Federal Open Market Committee Meeting (FOMC) but the metal managed to rebound after hitting a 4-week low on Wednesday. One technical analyst explained that as long as gold is trading above $1,108-$1,109 -- the metal has the opportunity to see a bounce to the upside. ‘[I]f it breaks below $1,109 it could probably run to $1,095 – however, as of now, it seems to have found some support,’ said Gary Wagner, editor at the goldforecast.com. Wagner said he is paying close attention to the gold’s movement. ‘[T]he 21- day moving average has actually crossed above the longer term moving average, which is a golden cross in technical terms, and it could be conveying that we found some support in gold,’ he said in an interview with Kitco...

September 4, 2015 - 12:32pm

Gold prices ended the U.S. day session lower Thursday, but the focus for the metal is now squarely on Friday morning’s U.S. jobs report. ‘It is going to be a really important number, especially if we get a number under expectation,’ said Gary Wagner, editor of the goldforecast.com, ahead of Friday’s data. The key non-farm payrolls number is expected to be up 200,000, or slightly above, in August. This report is the most important economic report of the week, and arguably of the month, Wagner said in an interview with Kitco News. Wagner explained that Friday’s U.S. jobs report will be a determining factor on whether the U.S. Federal Reserve makes a rate hike in September. ‘If it is under expectations, it doesn’t bode for any rate hike to be implemented,’ Wagner said. Until the central...

August 20, 2015 - 3:39pm

As gold prices glitter Thursday, the day after the release of the Fed’s July meeting minutes, Gary Wagner tells Kitco News the technicals are faring well. “We’re at a critical point -- roughly the $1,150-1,155 area — and a break and a close above this area, really signals something significant,” he says. “We could actually see this market trade as high as $1,170 before correcting,” he adds. Looking at the fundamentals, Gary says that gold is garnering support from weaker equity markets as well as uncertainty in the global economy. “And that, of course, is affecting the Fed decision on when they will pull the trigger on rates,” he notes. Based on the charts, Gary says if gold can break through some key Fibonacci retracement levels, the metal may be headed above $1,300 an ounce. “If we...

August 13, 2015 - 11:20am

As gold corrects from gains seen earlier in the week, technical analysts and star of Kitco News’ Chart This Gary Wager says he is enthused about the gold market. “I’m excited about what we’ll see over the next month or so,” he told Kitco News Thursday. As of 10:06 a.m. EDT, December gold was down $7 to $1,116.60 an ounce after it previously closed higher for five business days in a row. When asked if gold can see continued strength, Wagner said the outcome will be heavily fixed on the next move by the Chinese government. Earlier in the week, the People’s Bank of China devalued the yuan to help the country’s flagging economy. “If we see an extended intervention by the central bank in China, we could sees an extended and prolonged rally in gold and U.S. debt instruments,” he explained....

July 24, 2015 - 1:39pm

Not only did gold selloff early in the week, but gold futures saw the longest run of losses since 1996. Could the metal be due for a technical bounce? Kitco News speaks with Gary Wagner to find out what levels he is looking at for the metal next week as gold options expire and the markets await for the results of the latest FOMC meeting next week. "At this point, we could see a little bounce, but I am expecting more downside pressure [for gold],” he says. The key level that he is looking at for the yellow metal right now stands at around $1,038 an ounce. Wagner adds that any breach of the $1,085 level could lead gold towards lows last seen in February 2010. Tune in now to the latest edition of “Chart This!” Kitco News, July 24, 2015.

July 17, 2015 - 11:42am

Kitco News - As gold continues its weak trend and tests lows last seen in 2014, one market veteran says the yellow metal may be poised for further losses. 'The real issue has been a return in strength in the dollar,' Gary Wagner, editor of thegoldforecast.com, told Kitco News. He compared gold to a salmon swimming upstream, struggling to maintain gains as the dollar index pressures the metal. Gold prices reached a low of $1,140.60 on Thursday, which Wagner says is a critical level to watch. 'That’s the lowest low that we’ve had in 2015,' he said. If the $1,131 level does not hold, Wagner said 'we could see some real downside pressure in gold, possibly taking it as low as $1,080-1,090.' Looking at silver, Wagner said his key level for the white metal stands at $14.50 an ounce. The...

July 2, 2015 - 4:22pm

Published on Jul 2, 2015 · Chart This is back and Gary Wagner joins Kitco News at the new studio to talk about gold and silver. Can the metals break their range? Wagner comments on gold’s reaction to Thursday’s weaker-than-expected nonfarm payrolls data and says the metal is acting ‘tepid at best’ right now. With the uncertainty in Europe and the weaker U.S. data, gold should be performing better as a safe-haven asset, but instead hit a 3.5 month low on Thursday morning. Wagner says the weaker data may now delay the U.S. Federal Reserve’s first move on rates. Tune in now for more from thegoldforecast.com’s Gary Wagner. Kitco News, July 2, 2015.