Gold took it on the chin this week as Gary Wagner joins Kitco News for this week’s edition of “Chart This!” With key technical support levels being breached, Wagner thinks there could be more downside pressure for gold on the horizon. “We saw key support levels being broken – first at $1,280, then again at $1,261 and now we’re down around $1,240, which is another number that we’re looking at,” he says. “That is equivalent to a double low that we had on our last rally.” Gary also notes that this round of selling in gold has been heavily technically based. Gary also says that it’s pretty clear there’s some intrinsic strength coming out of the U.S. economy and says there’s an inverse relationship between the U.S. economy and the European economy. “So as the European economy has weak...
Gold seems to be bouncing, off of Thursday’s lows and Kitco News speaks with Gary Wagner to find out what the charts are telling him this week. “I am genuinely concerned,” he says. The next level he is closely looking at is $1,265 and warns that if that level does not hold, longer-term technical damage may be in the cards for gold. Wagner also comments on other precious metals that he says have had a ‘life of their own’ in recent trading sessions: silver and palladium. “With the equities markets moving to new highs I’m actually surprised we’re not seeing more support come into the silver market.” Tune in now to hear his in-depth analysis of the gold market.
The Gold Forecast's Gary Wagner delivers another highly informative "how to" & breakdown of his gold price forecast & technical charts. Using fibonacci retracement & Elliott Wave analysis, Wagner recaps his previous calls and takes us through his most recent gold forecast on this edition of Chart This! w/ Daniela Cambone of Kitco News & Gary Wagner of The Gold Forecast. August 15, 2014.
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On this July 4th edition of Chart This!, Gary Wagner takes a breather from the celebrations as he comments on gold's movements following the better-than-expected nonfarm payrolls numbers that came out Thursday. Last week, Gary mentioned the support level of $1,311 being key but now sees it as a "minor support level." He adds that the $1,300 psychological level is more important. Wagner continued that a small correction after the yellow metal's surge was expected, saying "a small corrective action here, forming a base, is the markets way of finding the markets price point." Wagner also takes a look at key silver price levels he's eyeing before setting up gold's next week. Kitco News, July 4, 2014.